HCC Infrastructure Ltd (HIL) today inked a memorandum of understanding with Orascom Construction Industries (OCI) for bidding and developing large NHAI (road) projects in India.
HCC Infrastructure is a 100 per cent subsidiary of Hindustan Construction Company (HCC) while OCI is a leading MiddleEastern construction contractor. HIL and OCI will also explore a broader scope of partnership, with the intent of jointly creating a premium portfolio of infrastructure assets across different sectors in India, a press release issued here said.
HCC Chairman and Managing Director Ajit Gulabchand said: “The Indian government has enhanced the pace of development of world-class infrastructure for India and has chosen PPP 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 and commitment to create quality infrastructure. Orascom Construction’s CEO and chairman, Nassef Sawiria, said, “this joint venture will yield significant synergies for both groups. We look forward to exploring further opportunities with our new partner.”
Since inception two years ago, HIL has grown its portfolio to Rs 5,539 crore. Its assets under management include six NHAI road concessions of which one is operational. HIL plans to grow its road portfolio to Rs 15,000 crore 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. It is also actively evaluating meaningful airport and port opportunities, the release said.
