Infrastructure firm C&C Construction today said it has tied up with Spanish firm Isolux Corsan to enhance their combined footprint in Asia, with plans to jointly bid for projects worth about Rs 8,000 crore this fiscal.
"C&C Constructions Ltd entered into a formal joint venture agreement with Isolux Corsan of Spain. We want to expand our footprint in various Asian economies and are targetting projects worth about Rs 8,000 crore in the next six months," Company Chairman G S Johar told PTI.
Both the companies are eyeing projects worth more than Rs 500 crore each, especially in the road sector, Johar said.
In the JV, the Indian firm will hold a 40 per cent stake and the remaining equity will be held by the Spanish company.
The President of the Spanish firm, Fransisco Martin, said, "We expect a substantial part of our world revenues to come from this JV. We... Are confident of the success of this joint venture."
Independently, Isolux has a presence in 22 countries, while C&C is currently executing projects worth about Rs 3000 crore on its own, of which 15 per cent are in India and the remaining in Afghanistan.
A work order for the Afghan Parliament is one of the prime contracts the company is executing in Afghanistan.
Besides the JV, Johar said the company is also eyeing projects worth Rs 2,000 crore independently.
C&C Construction earned a revenue of Rs 1,168 crore last year, Johar said.