Financial Daily from THE HINDU group of publications
Saturday, Nov 13, 2004
Financial Daily from THE HINDU group of publications Saturday, Nov 13, 2004 |
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Corporate
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Outlook Kvaerner Powergas to clinch more deals for global clientele Archana Chaudhary
Mumbai , Nov. 12 ENGINEERING consultancy company Kvaerner Powergas India Pvt Ltd plans to bring in equipment purchase contracts worth $50 million to Indian companies. The company is part of the global Aker Kvaerner Group that has designated India as its global procurement hub. The Aker Kvaerner Group purchases equipment worth close to $4 billion for its multinational clientele spread across the globe. Kvaerner Powergas India will help Aker Kaverner purchase engineering equipment from Indian manufacturers. "Two weeks ago , officials of Aker Kvaerner were in India to interact with Indian companies, such as L&T, which manufacture engineering equipment and technologies. We plan to bring in our key clients across the world to buy quality-engineering equipment from our Indian partners," Mr Pothen Paul, Managing Director, Kvaerner Powergas, told Business Line. Aker Kvaerner initiated the concept of global sourcing in 1999, when a team of representatives from each office was formed. To start with, this initiative was limited to the engineering and construction business unit of the group. The group looks at India as potential suppliers with an ability to offer quality goods and equipment at globally competitive costs. According to industry observers, the move will help Indian companies build a reputation as quality engineering equipment providers. Aker Kvaerner, on the other hand, will be able to offer its customers sustainable cost reductions by buying equipment from a cheaper source. Meanwhile, Kvaerner Powergas is on an expansion mode. The company plans to expand into engineering consultancy for cross-country gas and oil pipeline grids and floating production platforms for exploration companies. This is apart from a number of petrochemical and oil exploration contracts from Reliance, Indian Oil Corporation and ONGC that it is working on. "We plan to increase our current workforce from 1,100 to 1,500 in two years. This year, our income from consultancy fees was around Rs 100 crore. We see this amount increasing to Rs 150 crore," Mr Paul said. Offshore oil and gas design services account for one-fifth of Kvaerner Powergas India's business and 35 per cent of the total earnings come from overseas projects, he said.
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