IVRCL to resist attempts by Essel Group to seek board seat

India’s leading engineering procurement and construction company -IVRCL's founder has indicated that he will resist attempts by the Essel Group to seek a seat on the company's board. This could lead to a protracted fight for control of the Hyderabad-based infrastructure company, valued at Rs 1,650 crore. Earlier last week, Essel Group acquired a 10.2% stake in IVRCL and expressed interest in buying more. Institutional investors have nearly 43% stake, making them crucial players. “There is no law that automatically enables the acquirer of stake in the company to obtain board seat," IVRCL Chairman & Managing Director Sudhir Reddy told ET from Singapore, where he is meeting bankers to seek their financial backing to shore up his shareholding in a company he founded more than two decades ago. Reddy owns 11.2% of the company.
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