IL&FS Engineering and Construction Company Ltd is now on a consolidation mode. It is awaiting Andhra Pradesh High Court nod to complete a capital restructure process.
The Hyderabad-based infrastructure company, formerly Maytas Infra Ltd, has secured most of the statutory approvals, including from Registrar of Companies and expects the court nod by June to complete the capital restructure.
The Chief Executive Officer of IL&FS Engineering, Mr M.D. Khattar, said the business is beginning to look up with new orders coming through and earlier orders getting executed. “We have bagged orders from Rail Vikas Nigam Ltd, gas pipeline work for GSPL and letter of intent for some other projects,” he said.
Mr Khattar told
“After setting up a joint venture company in the Middle East, we had secured some orders which we are in the process of executing. We have also established an office in Fujirah, one of the seven Emirates. This is required to handle business out there,” he said.
ACCOUNTING PERIOD
To facilitate the capital restructure process, the company had extended the financial year 2011-2012 initially by three months. However, when the Board met on May 15, it decided to extend it by six months instead.
The company shares closed at Rs 54.80 down 2.06 per cent on Friday on the BSE.