Flyover tragedy: Big blow to the construction company

April 01, 2016 18:15

Debt-laden infrastructure company IVRCL faced its biggest crisis when a flyover it was constructing in Kolkata collapsed on Thursday, claiming several lives.

The company has not faced an accident of such magnitude in its 27-year history. It had been building the Vivekananda Road flyover in Kolkata for seven years.

Though IVRCL's projects have exceeded execution time-lines, none matched the delay of this one. Promoted by E Sudhir Reddy in 1987, IVRCL started facing financial difficulties in 2012 over shrunken irrigation budgets and project delays.

It ended up with debt of Rs 10,000 crore (Rs 100 billion) and accumulated losses of Rs 2,000 crore (Rs 20 billion) and went in for a corporate debt restructuring in April 2014.

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