)
Infrastructure major Punj Lloyd on Tuesday said the company had secured the right to construct a road project in Yemen worth Rs 1,270 crore.
“Punj Lloyd has received a ‘Letter of Award’ for the construction of a 42 km, 2x3 lane dual carriageway project between Doraigh and Noubat Dokaim from the ministry of public works & highways. This project, valued at Rs 1,270 crore ($211.41 million), is funded by the Saudi Development Fund (SDF)”, Punj Lloyd said.
Indian road developers have been looking at projects abroad in a bid to tide over the crisis in the road sector in India.
Road developers have been staying away from projects due to funding constraints and a slowdown in the domestic economy.
“This is the first major expressway project for Punj Lloyd in the Middle East. This is an excellent opportunity for us to showcase our construction expertise in the Middle East market,” said Pardeep Tandon, President & chief executive officer, Punj Lloyd (Buildings & Infrastructure).
With this new order, the group’s order backlog stands at Rs 23,376 crore.
“The dual carriageway project is reflective of the group’s intent to aggressively pursue global infrastructure opportunities,” the statement said.
Last month, Punj Lloyd had said the company was awarded a large infrastructure project in Yemen which involved design and construction of the storm and sewer network, water network, telecommunication and power distribution network, natural gas network, street lighting and road works including landscaping of parks and green areas across 2,400 hectares in almost the entire area of Zliten city and is scheduled to be completed in four years.
