Deals

HCC, Orascom sign partnership for Indian projects

A memorandum of understanding has been signed between the Indian and Egyptian construction companies primarily for bidding and developing road projects in India. The two companies, apart from road development, will also explore other areas of investment in the country.

-

HCC Infrastructure, the infrastructure arm of India’s Hindustan Construction Company, has inked a memorandum of understanding with Orascom Construction Industries, an Egyptian construction contractor, to bid and develop large highway projects in India.

HCC/Orascom JV:
roads may be just
the beginning
The two companies will explore a broad scope of partnership with the aim of jointly creating a portfolio of infrastructure assets across different sectors in India, according to a statement by HCC.

HCC chairman and managing director Ajit Gulabchand said: “The Indian Government has enhanced the pace of development of world class infrastructure for India and has chosen public private partnership[s] as the main tool to implement this.”

HCC Infrastructure is a 100 per cent subsidiary of Hindustan Construction Company and has a road portfolio worth Rs55.3 billion (€ 985.6 million; $ 1.8 billion) including six projects awarded by the National Highways Authority of India, of which one is operational.

Orascom is a Middle Eastern construction contractor.