OCI Construction Group Cairo, Egypt /
8 June, 2010 10:15 AM
OCI and HIL Announce Agreement to Form Bidding Consortium in India
Orascom Construction Industries (OCI) and HCC Infrastructure Limited
(HIL), a preeminent Indian infrastructure company based in Mumbai and
wholly owned by Hindustan Construction Company (HCC), today announce
that they have signed a memorandum of understanding (MoU) to form a
partnership to pursue Public-Private Partnerships (PPP) and
Build-Operate-Transfer (BOT) projects tendered by the National Highways
Authority of India (the Client). The Client will be tendering
approximately 11,854 kilometers worth of road and highway works during
the second half of 2010 and first half of 2011.
OCI and HIL will also explore additional sectors with the intention to
develop further infrastructure projects in India in the near future.
On its entry into Indian road projects, Nassef Sawiris, Chief Executive
Officer and Chairman of OCI, commented "HCC Infrastructure Ltd. is one
of India's leading developers investing in infrastructure assets, which
is a natural progression of HCC's inherent ability to operate in most
domains of engineering construction. Both HIL and OCI share the same
commitment to quality and this joint venture will yield significant
synergies for both groups. We look forward to exploring further
opportunities with our new partner."
Commenting on this development, Ajit Gulabchand, Chairman and Managing
Director of Hindustan Construction Co. Ltd. commented, "The Indian
Government has enhanced the pace of development of world class
infrastructure for India and has chosen Public Private Partnership as
the main tool to implement this. In order to participate in this grand
programme, HCC has chosen to partner with OCI, a company in which we
find a wealth of expertise & commitment to create quality
infrastructure".
About HCC Infrastructure Limited
Since inception two years ago, HCC Infrastructure has grown its
portfolio to US$ 1.2 billion. The assets under management include six
NHAI road concessions, of which one is operational. HIL plans to grow
its Road portfolio to US$ 3 billion in the near future. The Company is
concurrently evaluating opportunities in Hydro Power and Water where
HIL has an inherent edge given HCC's EPC capabilities, and is also
actively evaluating meaningful Airport and Port opportunities.
HIL's parent, HCC, is a leading engineering, construction and
infrastructure development company with a rich heritage of experience
over 8 decades, deploying new age construction technologies spanning
roads, power, water and real estate. HCC leads India's transportation
segment with a strong track record in the construction of Roads,
Highways, Bridges, Railways and Mass Rapid Transport Systems. It has
constructed over 2,300 km of roads & expressways, 320 bridges and
executed over 170 km of complex tunneling in addition to India's first
metro rail at Kolkata and sections of the Delhi Metro Rail project. HCC
has also built India's first and longest cable stay bridge, the
Bandra-Worli Sea Link in Mumbai. HCC is currently developing Lavasa,
free India's first and largest Hill City, a 3 hour drive away from
Mumbai. Lavasa is spread across a picturesque landscape of 12,500
acres, set amidst 7 hills and 60 km of lakefront.
About OCI Construction Group
The Construction Group ranks among the top global contractors and
operates under three distinct brands. The three groups provide a range
of construction services in key regional markets in the Middle East and
North Africa in addition to Europe, Africa and Central Asia. The Group
primarily focuses on infrastructure (energy and related infrastructure
including oil & gas, power and petrochemicals / social infrastructure
including large-scale educational campuses and healthcare facilities /
water including wastewater and desalination), transportation (including
roads, airports, ports and railway), industrial and high-end commercial
projects. To complement the construction business, OCI also owns and
operates National Steel Fabrication, the largest manufacturer of
fabricated steel products in the Middle East, and has investments in
manufacturers of glass curtain walling, paints and concrete pipes.
OCI recently announced a joint venture with Morgan Stanley to invest in
infrastructure assets in the Middle East and Africa. The proposed joint
venture is positioned to capitalize on Morgan Stanley Infrastructure's
investing expertise and its global reach as well OCI's local and
regional awareness of infrastructure needs.
For additional information contact:
OCI Investor Relations For additional information on OCI:
Department:
Omar Darwazah www.orascomci.com
Email: omar.darwazah@orascomci.com
OCI stock symbols: OCIC.CA / OCIC EY
/OCICqL /ORSD
Erika Wakid Orascom Construction Industries (OCI)
Email: erika.wakid@orascomci.com Nile City Towers - South Tower
2005A Corniche El Nil
Cairo, Egypt
Hassan Badrawi
Director
Tel: +202 2461 1036/0727/
0917 Fax: +202 2461 9409
This information is provided by RNS
The company news service from the London Stock Exchange
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