The Hindu Business Line : Afcons bags 2 projects worth Rs 245 cr

Hyderabad March 22 Afcons Infrastructure Ltd has bagged two new project orders worth Rs 245 crore related to the Kochi port and execution of a portion of an offshore pipeline project near Cuddalore in Tamil Nadu.

The Mumbai based company, part of the Shapoorji Pallonji Group, is close to bagging a Delhi flyover project worth Rs 215 crore. The job is expected to be finalised shortly, according to Mr S. Paramasivan, Executive Director (Finance & Commercial) of the company.

The company which logged Rs 670 crore in the first nine months of the current fiscal is executing an oil jetty project for Reliance Industries in Kakinada, Andhra Pradesh, which is expected to be completed in the next few months. Reliance Group is the single biggest client with over 20 per cent of the total order book of Rs 3,030 crore as on September 2006 for the company.

Afcons has achieved considerable progress in its Rs 512 crore special bridge across the river Chenab on the Katra-Laole section as part of the Udhampur-Srinagar-Baramullah Rail Link project. The 1,315 metres length project for Konkan Railway Corporation Ltd is being implemented with South Korean Ultra Construction & Engg Ltd as joint venture partner.

With strengths in the marine infrastructure, specialty bridges and road projects, Afcons is entering the nuclear, mining, oil and gas and hydro sectors in a big way in the near future, Mr Paramasivan told Business Line.

The company recently tied up with Walter Mining of Australia to bid for projects in the mining sector in the domestic market. An MoU has also been recently signed. In nuclear sector, it has been shortlisted along with L&T, Gammon, HCC etc for prospective projects.

On the proposed IPO of about Rs 250 crore, for which the company had filed the draft red herring prospectus, Mr Paramasivan said: "We are yet to get SEBI clearance; once we get it, we need to plan the issue."

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