IVRCL, arm get boards' nod to pursue merger plan

Chennai : Hyderabad-based engineering and construction company IVRCL Limited, and its subsidiary IVRCL Infrastructures and Projects Limited, on Monday received in-principle approval from their respective boards to pursue the proposal for amalgamation of IVCL Assets with IVRCL Limited.

The boards, at their respective meetings held on Monday, also accorded consent for demerger of IVRCL Limited’s manufacturing factory into a special purpose vehicle (SPV) and also the real estate activity of IVRCL Assets into a separate subsidiary company.