JMC Projects (India) Ltd, engaged in civil construction and project management, has initiated talks with leading companies in Malaysia and Singapore with a view to rope them in for project-specific tie-ups.
Disclosing this, JMC managing director Hemant Modi said, "As Gujarat government has now aggressively undertaken the rebuilding of the earthquake affected areas in the state, our company is expecting to bag Rs 100 crore worth of large and medium-sized infrastructure projects in the coming months".
Emphasising that his company has very recently bagged a contract of Rs 8 crore for the reconstruction of 775 houses in Moti Chirai and Lakhtirgadh villages of Bachau block in Kutch, Modi said that JMC is now keen on bidding for big contracts involving building of roads, highways, bridges and other infrastructure projects.
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"To be able to pre-qualify for these tenders that are expected to be floated during the coming months we are looking for joint ventures with companies having proven track-record of executing large infrastructure projects in foreign countries. The advantage that will accrue to us from these tie-ups is that these companies will bring in expertise as well as financial strengths, which in turn will help us win large infrastructure projects," Modi elaborated.
Refusing to divulge the names of companies that JMC has already initiated talks with, the MD said, "It is a bit too early to reveal the names of these companies as the exact mode of tie-ups are yet to be finalised."
He said that initially JMC would be looking at project-specific partnerships with these foreign companies and a separate special purpose vehicle (SPV) would be created to execute such projects.
"Over a period of time we will consider long-term partnership and may even be open for equity participation from these companies," he added.
JMC has recently been assigned a CR2 rating by Investment and Credit Rating Agency (ICRA), which indicates strong contract execution capacity.
JMC, which was till recently more into civil construction, has lately bagged two major infrastructure projects. The first one is a Rs 42.66 crore contract from L&T's ECC involving the construction of a 22-km road connecting Nandasan to Mehsana in Gujarat, which is to be completed by June 2002.
The other one is a Rs 6.40 crore flyover at Worli-Love Grove Junction in Mumbai awarded by the Maharashtra State Road Development Corporation.