The Hindu Business Line : Jaypee Group to bid for Saudi Arabia sewerage project

JAIPRAKASH Associates Ltd, better known as the Jaypee Group, is trying to reach out to the international markets and is bidding for a sewerage and drainage project in Saudi Arabia.

"We would form a strategic partnership with a local company to bid for the project because a first timer is not allowed to bid independently in Saudi Arabia. We are trying to gain a foothold there by bidding for this project," Mr P.V. Vora, a Director of the diversified Jaypee Group, told Business Line.

The company has worked in Iraq in the late eighties. "We had constructed a large part of the sewerage and drainage works in Baghdad and the entire system in Basra," Mr Vora said.

Meanwhile, the second unit of the 6X200 riverbed power project of the Sardar Sarovar project in Gujarat is expected to go on stream later this month, Mr Vora said. The company, which claims to be involved with 54 per cent of all ongoing hydropower projects in the country, is constructing the power generation facilities that are a part of the Sardar Sarovar project.

"We have already commissioned the 250 MW canal power plant. One out of the six riverbed units has also gone on stream and one more will be commissioned this month. Two more are scheduled to be completed later this year and the last two in the next financial year," he said.

Mr Vora was here to promote the upcoming initial public offer (IPO) of group company Jaiprakash Hydro Power Ltd, which runs the 300 MW Baspa hydel project in Himachal Pradesh.

The company hopes to mop up about Rs 575 crore from the IPO and use it to finance its upcoming 1,000 MW hydropower project at Wangtoo, also in Himachal Pradesh.

It is offering 18 crore shares in a price band of Rs 27-32 through the book-building route.

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