Faced with delays in several projects due to financial instability, Infrastructure major Consolidated Construction Consortium Ltd (CCCL) is applying for the Corporate Debt Restructuring Scheme.
"Consolidated Construction Consortium Ltd has informed BSE that the Company has decided and has applied for Corporate Debt Restructuring Scheme," the city-based company said in a BSE filing.
The necessary application for the same was being filed with CDR cell for its approval, it said.
One of the reasons for approaching the CDR cell was that the company faced delay in several projects including the ambitious Chennai Metro Rail Ltd project due to financial instability, sources said.
CCCL has operations in construction, engineering, procurement and project management. The company has offices in Bangalore, Hyderabad, New Delhi, Kolkata, Ahmedabad and Pune. Recently, it set up its first overseas office in Middle East, according to the company website.
The company had reported net loss of Rs 101.76 crore for the second quarter ending September 30, 2013 as against a net loss of Rs 14.91 crore registered during the corresponding period of previous year.
For the six month period ending September 30, 2013 the net loss of the company stood at Rs 131.96 crore as against Rs 30.87 crore during the corresponding period of previous year.
Shares of the company declined to Rs 3.95 apiece, down by 4.82 per cent over previous close in afternoon BSE.
