Ocean Lifespaces India, a Chennai-based interior design, general contracting, and property development firm, is aiming to close FY23 with over ₹1,000 crore in turnover buoyed by a healthy pipeline of real estate projects.

“We will achieve ₹1,000 crore turnover in the current fiscal,” SK Peter, founder and CEO of Ocean Lifespaces India, told businessline. 

Ocean Lifespaces started as an interior design contract company in 1996, doing interior fit-out works for ATMs of IDBI and UTI across south India. It then expanded to work on interior design projects for large banks, IT companies, and manufacturing industries.

Today, Ocean Lifespaces is engaged in infrastructure development, contractual works in civil construction, MEP (mechanical, electrical, and plumbing), EPC (engineering, procurement, and construction), and real estate projects. Kone Elevators, Ford, Swiss Re, Google, Ola, Walmart, and Colgate-Palmolive are some of its marquee corporate clients. 

Peter said that of the ₹1,000 crore turnover, interior and general contracting will contribute 50 per cent, infrastructure and civil construction will account for 40 per cent and the remaining 10 per cent will come from real estate projects. 

In FY21, the company recorded a revenue of ₹221 crore. In its July ratings report, CRISIL said, “Though revenue declined due to the Covid-19-led disruptions, the performance is likely to improve in the current fiscal, supported by a order book of around ₹781 crore as of June 2022.”

In September, Ocean Lifespaces bagged the design and build EPC contract to complete 6 lakh sq ft of industrial structure for Dubai-based port and logistics group DP World in Chennai. The contract came close on the heels of another civil work contract from ZF Rane Automotive India to develop a 1 lakh square foot new plant in Tiruchi, Tamil Nadu. The company also bagged design and build EPC contracts for two auditorium projects with a capacity of 20,000 seats and 6,000 seats, respectively, in Chennai.

Peter said the company is also diversifying its exposure to residential real estate projects, data centers, and boutique office spaces for coworking players.

International expansion

Last year, Ocean Lifespaces won a ₹600 crore contract from the Indian Oil Corporation to design and build the world’s second-largest lube complex in Tamil Nadu. Peter said the company would open an office in Singapore to tap the construction opportunities in the oil and gas industry in Singapore and other parts of Asia. 

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