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IVRCL to sell stakes in 3 road projects in Tamil Nadu

MUMBAI (Reuters) - IVRCL Ltd (IVRC.NS) said on Friday it will sell its stakes in three road projects in Tamil Nadu to TRIL Roads Pvt Ltd, a unit of steel-to-salt conglomerate Tata Group.

The 154.83 km-long roads are build-operate-transfer (BOT) projects with a total project cost of 22 billion rupees, it said in a statement.

IVRCL has plans to sell three more assets out of 9 BOT projects within a span of six months, it added.

Shares of IVRCL closed nearly 13 percent higher at 21.75 rupees, outperforming the Sensex which closed up 0.15 percent. (Reporting by Indulal PM; Editing by Sunil Nair)