The Hindu Business Line : Consolidation Construction plans to raise Rs 200 cr

Mumbai, Aug. 27 Construction services provider Consolidated Construction Consortium Ltd plans to raise about Rs 200 crore from the capital market in September to finance its expansion. The Chennai-based company intends to purchase equipment to produce ready mix concrete, scaffolding material, piling machines, cranes and repay loans. It also wants to expand its training facility for labour on the outskirts of Chennai.

The company proposes to invest about Rs 90 crore in scaffolding material and repay a Rs 16-crore debt out of the proceeds of the issue.

As of April 30, 2007, the company has executed 130 projects across various states and has received orders for six projects. The projects involve construction of 4.35 million sq ft of industrial space such as IT parks, commercial buildings, airport terminal buildings, hotel, hospitals, besides educational institutions. As of April 30, 2007, the company’s book order stood at Rs 1,812.53 crore.

CCCL has executed work for Infosys Technologies Ltd, Ascendas IT Park (Chennai) Ltd, Manipal University and Airports Authority of India. The company said revenues had grown from Rs 160.23 crore in fiscal 2004 to Rs 868.37 crore in fiscal 2007, and profit after tax from Rs 4.12 crore in fiscal 2003 to Rs 47.67 crore in 2007.

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