Hyderabad based Nagarjuna Construction goes international
Released on: July 1, 2008, 1:30 am
Press Release Author: varma
Industry: Real Estate
Press Release Summary: The company is looking to develop airports in West Asia, and has won two road contracts in Oman for Rs1,300 crore
Press Release Body: The company is looking to develop airports in West Asia, and has won two road contracts in Oman for Rs1,300 crore Hyderabad-based Nagarjuna Construction Co. Ltd, or NCC, is exploring opportunities to expand its airport development business to international markets, starting with West Asia, after a group comprising it successfully bid for two airport development projects in south India recently. “We are now in the process of preparing ourselves for a major foray into international markets for airports development, apart from other verticals such as roads, buildings and water (supply projects),” said Narayana Raju Alluri, head of NCC’s international operations. A group comprising NCC, Hyderabad-based Maytas Infra Ltd and a subsidiary of Austrian airport operator Flughafen Wien AG had won contracts to develop two small airports in Karnataka’s Shimoga and Gulbarga districts.
NCC has decided to bid for the Ras Al Hadd airport in Oman’s capital, Muscat, with a foreign partner. “We have tied up with a Turkish company to bid for the Muscat airport project, wherein we will execute the civil construction contract,” Alluri said. He wouldn’t reveal the Turkish firm’s name. NCC has already won two road construction contracts in Oman worth about Rs1,300 crore. “We are now pursuing more such opportunities.” Another Indian firm bidding for the $680 million (Rs2,917 crore) Muscat airport project is Larsen and Toubro Ltd through its Omani subsidiary, according to the Oman Observer.
In airport projects, Alluri said, NCC is keen on construction work, and not owning and operating them because the cost involved will be huge and the recovery period long. Most infrastructure projects are given on build, operate and transfer, or BOT, basis wherein the developers operate the projects for a specific period of time to recover costs. NCC’s chief financial officer, Y.D. Murthy, said the firm will also bid for construction contracts at Kolkata and Chennai airports, called for by the Airports Authority of India recently. While Shimoga and Gulbarga projects are to be developed on BOT basis with the developers holding the right to operate them for 30 years, the Kolkata and Chennai projects are for construction?works. For the Gulbarga and Shimoga projects, the partners have floated two special purpose vehicles or SPVs, or separate companies meant to carry out the projects. The two Hyderabad companies will hold 37% each in the SPVs, while VIE India Project Development and Holding Llc., the Austrian firm’s unit, will own the rest...........
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