Simplex eyeing projects in Middle East, NetherlandsJanuary 8th, 2009 - 5:22 pm ICT by IANS
Kolkata, Jan 8 (IANS) Civil engineering and construction company Simplex Projects is eyeing projects in the Middle East and the Netherlands, a top official said here Thursday.”We are in talks for projects in these countries, and in the next two months we will achieve something,” company chairman and managing director B.K. Mundhra told reporters.
The company will focus on projects like construction, foundation and mass housing in these countries, he said.
Recently, it has bagged a Rs.20-billion (Rs.2,000-crore) contract for development of a housing project in Libya.
“We might float a subsidiary for the Libyan operations,” Mundhra said, adding that this was their first overseas project and was expected to be completed in 36 months.
Now the company’s total order book stands at Rs.30 billion (Rs.3,000 crore), of which Rs.10 billion is from Indian projects and the rest from overseas endeavours. The Indian projects will be executed within two years, whereas the international projects will take three years.
Asked if the company’s operations were affected by the present slowdown, Mundhra said: “There is no recession in the infrastructure sector.”
In the last fiscal, Simplex achieved domestic sales of Rs.2.29 billion (Rs.229 crore), which was a growth of 60 percent. This year the expected sales growth target is 30 percent, he added.