Jun 9 2010
Orascom Construction Industries (OCI) and HCC Infrastructure Limited (HIL), a preeminent Indian infrastructure company based in Mumbai and wholly owned by Hindustan Construction Company (HCC), today announce that they have signed a memorandum of understanding (MoU) to form a partnership to pursue Public-Private Partnerships (PPP) and Build-Operate-Transfer (BOT) projects tendered by the National Highways Authority of India (the Client). The Client will be tendering approximately 11,854 kilometers worth of road and highway works during the second half of 2010 and first half of 2011.
OCI and HIL will also explore additional sectors with the intention to develop further infrastructure projects in India in the near future.
On its entry into Indian road projects, Nassef Sawiris, Chief Executive Officer and Chairman of OCI, commented “HCC Infrastructure Ltd. is one of India’s leading developers investing in infrastructure assets, which is a natural progression of HCC’s inherent ability to operate in most domains of engineering construction. Both HIL and OCI share the same commitment to quality and this joint venture will yield significant synergies for both groups. We look forward to exploring further opportunities with our new partner.”
Commenting on this development, Ajit Gulabchand, Chairman and Managing Director of Hindustan Construction Co. Ltd. commented, “The Indian Government has enhanced the pace of development of world class infrastructure for India and has chosen Public Private Partnership 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 & commitment to create quality infrastructure”.
Source: http://www.orascomci.com/