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Our Bureau

Aims Rs 1,000-cr turnover by 2008; to bid for big infrastructure projects

Chennai , June 10

Consolidated Construction Consortium Ltd plans to expand the scope of its construction business to urban infrastructure, turnkey projects and interiors.

The Chennai-based company, which has registered a turnover of about Rs 750 crore for 2005-06, is targeting a turnover of Rs 1,000 crore by 2008.

Mr R. Sarabeswar, Chairman and CEO, said the company will be bidding for large infrastructure projects such as airport modernisation, roads, bridges, ports, mega malls, commercial complexes, sanitation, sewage systems and satellite townships. It recently bagged a Rs 42-crore contract from the Airports Authority of India for the construction of terminal at Tiruchi airport.

Recently, UTI Investment Advisory Services Ltd and Evolvence India Fund invested about Rs 120 crore and picked up 22 per cent stake in the company. This increase in equity will enable the company to participate in large infrastructure projects, Mr Sarabeswar said.

Turnkey projects are another area in which the company will be entering. Recently, it bagged the Ascendas IT Park second phase project for Rs 160 crore on a turnkey basis.

Interior design space

Mr Sarabeswar said the demand for interior design and finishes is on an increase and the company is setting up a subsidiary called Consolidated Interiors Ltd to enter this space.

Consolidated Construction will be expanding its operations in the Gulf countries. The company has entered into a memorandum of understanding with Trade Line LLC, Dubai. It plans to enter engineering procurement, construction and commissioning of onshore and offshore projects in Abu Dhabi and other Gulf countries.

The company has offices in Chennai, Bangalore, Hyderabad and New Delhi with plans to set up offices in Kolkata and Pune.

Evolvence India plans

Evolence India Fund (EIF) plans to invest about $300 million in the next two years in India, according to Mr Jay V. Jegannathan, Managing Director, Evolence India.

EIF, a fund of funds launched by Evolvence India, focuses on private equity, real estate development and infrastructure in India. It is registered as an offshore fund in Mauritius.

According to the EIF Web site, as of January 2006, EIF has taken limited partner interest with six fund managers, GW Capital's India Value Fund II, Barings (India) Private Equity Fund II, IL&FS India Leverage Fund, IDFC Private Equity (Mauritius Fund II), New York Life Investment Management India Fund II and UTI Venture's Ascent India Fund.

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