City-based infrastructure company Simplex Projects today said it has bagged a mass housing project worth Rs 2,000 crore in Libya.
SPL chairman and managing director B K Mundhra told reporters here today that the project, awarded by the government of Libya, was their first overseas contract. It would take 36 months to execute.
Mundhra said the company was aiming to strengthen its overseas footprint and was hopeful of getting contracts from the Middle East in near future.
SPL director R D Mundhra said that the project was won by the company through an international bidding proces in which other major Indian construction companies were also involved.
Under the project, located in central Libya, 2,000 houses of 2,500 sq ft each and a public building of 72,000 sq ft over 300 hectares of land would be built.
When asked about credit risk, Mundhra said the entire receivables from the Libyan project had been insured from the Export Credit Guarantee Corporation at a cost of Rs 14 crore.
Mundhra said the company was projecting a growth of 30 per cent during 2008-09 as against 60 per cent growth registered during the year before due to slowdown in private projects.
In 2007-08, the company earned a revenue of Rs 229 crore. The company has a total order book of Rs 3,000 crore.
