Gammon India looking to liquidate real estate assets: CFO

Gammon India is looking to cut debt by around 22% to Rs 2,500 crore by next year. The construction major which has lined up civil works, roads, bridges and thermal power projects across states has been facing liquidity issues since past two financial quarters partly due to high cost of borrowing.

To combat financial issues, the firm is looking at liquidating its real estate portfolio, Girish Bhat, chief financial officer at Gammon told CNBC-TV18 in an interview.

The company is reeling under debt due to cost over runs in a few projects and adding to trouble is the general slowdown in the infra space. However, Bhat mentioned that there is no slowdown from the company's side for bidding of BOT (build, operate and transfer) projects.

The company is keen to deleverage its balance sheet to pursue growth.

Gammon is currently sitting on an order book of around Rs 16,000 crore.

Meanwhile the company has reported a net loss of Rs 39.44 crore for the September quarter due to muted sales and increased finance costs. The company had reported a net profit of Rs 4.13 crore in the year-ago period. The company also reported a forex loss of Rs 1.72 crore during the quarter due to fluctuations in dollar-rupee exchange rate.

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