Debt

Debt financing

Construction firm HCC defaults on Rs.2,161-Cr debt

Business Standard  

Construction major Hindustan Construction Company (HCC) has defaulted on INR 2,161 crore of debt as of December last year even as the company's lenders have initiated a comprehensive debt resolution plan. The company has a total debt of INR 9,727 crore and of this, it owes INR 4,091 crore to Indian banks. The company's debt servicing capability was hit due to delays in execution of orders resulting in lower revenues. It was also impacted by high cost debt and high interest outflow, which led to the company incurring net losses.