HCC to float infrastructure arm

Hindustan Construction Company (HCC) is planning to float a wholly-owned infrastructure subsidiary to bid for public- private partnership (PPP) projects including airports.

"We will soon float a 100% to bid for PPP projects. We will also bid for developing airports. We are in talks with foreign firms," Ajit Gulabchand, chairman and managing director, HCC, told reporters here on the sidelines of India Economic Summit.

The company's proposed infrastructure arm would be called HCC infra, Gulabchand said. "All this would require lot of money. Initially, we will bring in the money. We will look at an IPO at a later stage," he added.

HCC is expecting to close fiscal 2008 with a turnover of over Rs 3,000 crore while its order book is expected to cross Rs 12,000 crore as against Rs 9,300 crore last year, Gluabchand said.