Hindustan Steelworks Construction Limited (HSCL) and the Institute for Steel Development and Growth (INSDAG) are planning to bid for infrastructure projects jointly.
INSDAG is involved in the promotion of steel use in various industrial projects while HSCL is a government-owned construction company.
“HSCL is in a position to offer support and wished to collaborate with INSDAG as their exclusive partner for supporting them in their efforts of undertaking and executing projects,” HSCL chairman and managing director, Malay Chatterjee, said.
A memorandum of understanding (MoU) between HSCL and INSDAG will be signed tomorrow. “This will be the third MoU for HSCL in this financial year,” Chatterjee said.
HSCL had earlier signed an MoU with Uzinexport SA, Romania, for co-operation to develop business and execute contracts for steel plants, power plants and other projects in India. The PSU also has an MoU with PowerCem Technologies of Netherlands for introduction of cost-effective products for road making in India.
HSCL happens to be among the three PSUs selected by the government for the low-cost housing project to be implemented under the Ministry of External Affairs in Sri Lanka. Government of India has a commitment to construct or repair 50,000 low-cost houses in Sri Lanka for resettlement of the internally displaced persons.
“We will close the financial year with orders worth Rs 5,000 crore,” Chatterjee said. HSCL is expecting to clock in a turnover of Rs 1,000 crore and an operating profit of Rs 80 crore. Total income, last year, was at Rs 800.35 crore.