The Scheduled Project Completion Date of the Project (Jun ’14) was delayed with construction at a stand still. Further, unprecedented floods in September 2014 led to massive damage to camps & equipment. The ongoing time overruns, land issues and lapsed annuities made the project financially unviable leaving the lenders (debt exposure of ~₹ 6500 million) distressed with no sign of recovery.
As part of the revival strategy, iValue recommended Lenders to take control of the Project execution. Further, as a part of the iValue’s strategy, we mobilized full project management team at site to resume construction & ensure timely completion of the Project.
iValue’s efforts on the Project since our engagement have resulted in a substantial turnaround of the asset with achievement of the following milestones: