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The Cement major India Cements Ltd (ICL) has incorporated a new subsidiary for infrastructure business during the fourth quarter. The company has said that it has bagged orders worth Rs 120 crore.
The company stated that during the quarter, India Cements Infrastructure Ltd, has been incorporated in the fourth quarter and has become a wholly owned subsidiary of the company. Company officials said that the focus will be on water and road related projects.
The first project which the company bagged was from Kerala for laying pipeline for a water drainage project. As of now, the company has orders worth Rs 120 crore, said a company official.
He added that the company has not bidded for any project directly, since it has not qualified on its own for now.
Earlier the company said that it is exploring various options including construction works and other infrastructure projects like hydel power project and road construction.
It has issued a notice of postal ballot in July, 2011, seeking the share holders' approval to insert a subclause to its objects clause of the Memorandum of Association of the Company, to enable it to explore, execute and manage all types of construction and development works including roads, highways, expressways, subways, harbours, rail, metro systems, inland container depots, power projects and airports among several other projects.
