Financial Daily from THE HINDU group of publications
Thursday, Oct 16, 2003
Financial Daily from THE HINDU group of publications Thursday, Oct 16, 2003 |
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Corporate
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New Projects Voltas sets up shop in Dubai Vimala Vasan
Abu Dhabi , Oct. 15 VOLTAS Ltd, which has pre-qualified for several major new projects in Dubai emirate, has recently opened a new office in Dubai to build on its success in Abu Dhabi and tap the potentially large market for its expertise in other parts of the UAE. The Indian major is looking to build on Rs 500 crore worth of business in the Gulf region, following significant growth in the past two years and the Voltas Ltd Chairman Mr I. Hussain, was in the UAE this week on his first visit to meet with prospective clients, Mr Shaukat Ali Mir, Regional Manager, Voltas, told Business Line. "We have had major growth in the last two years and we view the UAE and Gulf as a potentially large market. The opening of a second office in Dubai recently is aimed at tapping some of the new business being generated in Dubai emirate following the announcement of many major new projects such as the Dubai airport expansion, Jumeirah Beach project and Souq Al Nakheel etc. We are `pre-qualified' for many of these projects and these are in various stages of negotiation," he said. Work is currently underway at the mega Conference Palace hotel in Abu Dhabi, for which Voltas bagged two contracts valued around Dh 350 million. "One of the packages is completed and the other one is underway and will be completed by March end," Mr Shaukat said. Voltas has also recently completed an important electro-mechanical project for Tabreed districit cooling plant in Abu Dhabi, he said. In the Gulf region, Voltas is also working on a major project signed last year in Doha, Qatar, for electro-mechancial work at an airbase. The UAE, however, accounts for nearly 60 per cent of its business in the region with expectations of higher growth in the coming months. Voltas is also active in Singapore and Shanghai.
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