Financial Daily from THE HINDU group of publications
Thursday, Jul 07, 2005
Financial Daily from THE HINDU group of publications Thursday, Jul 07, 2005 |
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Corporate
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Announcements SPML bags Delhi Govt deal for waste management Our Bureau
Kolkata , July 6 THE Rs 230-crore Subhash Projects and Marketing Ltd (SPML), an engineering construction firm, has made a foray into urban waste management. The company, in collaboration with Tetrapeck of North Columbia, has secured a seven-year contract for solid urban waste management for Delhi. Describing urban waste management as an emerging business opportunity, Mr Subhash Ch. Sethi, Vice-Chairman and Managing Director, said that SPML has formed a joint venture called Delhi Waste Management Private Ltd (DWMPL) to undertake the project. Apart from Tetrapeck, a Delhi-based logistics company will pick up stake in DWMPL. SPML will hold majority stake in the company. As per the contract with the Delhi Government, DWMPL will be responsible for educating the people on waste segregation and drop different kind of wastes in defined bins, which will be cleared round-the-clock in specially designed imported containers and be delivered at the dumping yard for further use. The initial investment in the project is estimated to be Rs 20 crore generating annual revenue of over Rs 60 crore. Meanwhile, SPML has started construction of three mini-hydel projects in Himachal Pradesh on build-own-operate basis. The total cost is estimated to be Rs 300 crore and the project will be commissioned in two years. Having returned to the dividend list (20 per cent) this year, SMPL has registered Rs 230 crore turnover, up from Rs 120 crore. Net profit has increased from Rs 28 lakh to Rs 3.75 crore.
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