Infrastructure major Hindustan Construction Company’s (HCC) current default amount stands at around Rs 277 crore, the company informed exchanges on Tuesday. Of this, HCC’s total default on long-term loans stood at Rs 233. 24 crore as on December 31, 2019. The beleaguered company has total outstanding borrowings worth Rs 3,171.45 crore. HCC, in a joint venture with VCCL, on Tuesday also won a Rs 489-crore contract from Delhi Metro Rail Corporation for designing and constructing twin tunnels in the fourth phase of the Delhi Metro. HCC has 75% stake in the venture.
State Bank of India has cash credit exposure to HCC of over Rs 225 crore and long-term borrowings exposure of over Rs 80 crore, which the company has defaulted on since August last year, according to an exchange filing. FE in November reported that SBI has recognised HCC as a bad asset. Indian Bank has an exposure of over Rs 468 crore (through non-fund based borrowings) to HCC, while Punjab National bank had extended cash credit worth over Rs 234 crore, which became a default facility in September last year. The company’s total financial indebtedness stood at Rs 10,390.93 crore.
