Industry & Economy
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Real Estate & Construction
Two-thirds of construction cos based in AP
Our Bureau
Hyderabad
,
March 18
NEARLY 65 per cent of the construction companies in the country at present belong to Andhra Pradesh, according to Mr E. Sudhir Reddy, Vice-Chairman and Managing Director of the IVRCL Infrastructures & Projects Ltd.
Replying to a question at a press conference here on Friday, Mr Reddy said that there were several listed and unlisted companies in Andhra Pradesh that could be considered as competitors to IVRCL. However, IVRCL, incorporated in 1987, was the youngest among them.
He said that IVRCL had registered a growth rate of over 40 per cent per annum since 1990. The company's turnover had increased from Rs 1 crore in 1990 to over Rs 750 crore now.
The company's public issue of equity shares for Rs 144.9 crore opened on Friday.
Stating that water infrastructure construction was the company's forte, Mr Reddy said that IVRCL had, so far, executed 10,000 km of water pipelines across the country.
In future also, the company would actively pursue options in operations and maintenance projects in water and environment areas.
Mr Reddy said that the construction industry was expecting lot of orders from the National Highways Development Project and the NTPC. The growth rate of the construction sector in the country from 1995 to 2003 stood at 6.3 per cent per annum, he said.
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