Soma bags Porbander-Bhiladi NSEW project

Hyderabad-based infrastructure developer Soma Enterprise Ltd has bagged the Porbander-Bhiladi project of the North South East West (NSEW) corridor, the company officials announced here on Thursday.

The 50.5 km project, which Soma has bagged from the National Highways Authority of India (NHAI), will be executed with the Turkey-based Limak Construction Industry and Trade Inc. as a joint venture partner.

The company officials said on Thursday that work on the project, worth Rs 193 crore, will begin from March, 2005 and is scheduled to be completed in 33 months.

"However, we have already begun to mobilise resources for the project and expect to complete the project well before schedule," said Ankineedu Maganti, director of Soma Enterprise.

The project includes the construction of four-landing of the Porbander-Bhailadi section of the national highway 8B, construction of an eight-km long bypass, two major two-lane bridges, 40 minor two-lane bridges, eight underpasses, 52 culverts and 20 busbays.

The project will be funded by the central government through an Asian Development Bank loan. "We will issue monthly bills to the NHAI as the project work progresses," Maganti stated.

The joint venture will also be responsible for maintaining the project for 12 months after its completion. "The JV partner Limak will provide technical assistance and other inputs. We are going ahead with the JV as we have already worked with Limak in earlier projects," Maganti said.

P R Rao, chief project manager for the Porbander-Bhiladi project, said that this is the first highway project that the company has undertaken in Gujarat and it will aggressively pursue highway projects in Gujarat and Maharashtra.

"We have already begun moving heavy duty, imported road construction equipment to the site and the project is likely to provide direct employment to about 1,000 persons. Besides, we will source most of the materials locally," he said.

Referring to the financials of the company, Maganti said that the company reported a turnover of Rs 268 crore for the year 2003-04. He expected the turnover to remain at the same levels this fiscal.

"However, we are eyeing a huge growth in the next fiscal year. With orders on hand worth over Rs 2,000 crore, we expect a turnover of around Rs 500 crore in the next fiscal," the SEL director said.