HCC Transfers Rs 2,854 Cr Debt to PRPL

New Delhi, Dec 11 (PTI) Infrastructure major HCC on Thursday announced transfer of an aggregate debt of Rs 2,854 crore to its associate company Prolific Resolution Pvt Ltd (PRPL) to create value for shareholders.

This results in significant reduction of its debt arising from corporate guarantee issued in connection with loan facilities of PRPL, the company said in a statement.

"As part of its plan with lenders, HCC had transferred an aggregate debt of Rs 2,854 crore to PRPL along with Rs 6,508 crore of awards & claims, while retaining a 49 per cent equity stake in the entity," the statement said.

It further said the company has also provided a corporate guarantee for 100 per cent of the debt owed by PRPL to its lenders.

HCC serves infrastructure sectors like water, industrial, and buildings and nuclear power.