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IRB Infra Denies Goldman Sachs Report on Covering Aircraft Purchase in B/S

  • Goldman Sachs highlighted other concerns that included execution delays, incremental capex into business and financial closure on new projects.The IRB Infra stock today took a hit in the morning and opened down 8%. However, it recovered and closed at Rs 135.60, down 2.6% on the BSE.

  • Bloomberg UTV spoke to VD Mhaiskar, CMD of IRB Infra on Goldman Sachs report, and here what he had to say. “The aircraft costs Rs 80 crore and the full duty has been paid by the company which is Rs 20 crore. We have not gone for any dubious method of doing any lease or buyback or something of that kind to keep this off the books. We have paid the full duty and registered in it in India. I can assure you that it has been definitely disclosed in EPC arms balance sheet as a separate item.”He added that the aircraft purchase is not irrelevant and that it has been purchased for company purposes. Reports say aircraft buy a non-core asset. Mhaiskar said the company will send out disclosure to the exchanges today. He also denied any delays in execution of projects.

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