Essel Group hikes stake in IVRCL

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, April 5, 2012, 12:28 [IST]

The Essel Group has hiked its stake in the Hyderabad based IVRCL to more than 12%. The hikes in the last few days signifies the prospects of a hostile takeover of IVRCL. However, the Essel group which also owns Zee Entertainment hardly have any experience in the business.

IVRCL has risen steadily in the last few days on sustained buying. The shares closed at Rs 71.20 on Wednesday on the BSE.

The Hyderabad based IVRCL has strong presence in core infrastructure areas like water and environment, transportation, buildings and power. It remains to be seen if there is a hostile bid on the company.

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