By Andy Sambidge
Drake & Scull targets new contracts in India as part of aggressive expansion drive, says CEO
Dubai-based Drake & Scull International (DSI) said on Sunday it expects India to become one of its major markets in the near future, following a new contract win.
The MEP contractor said it has been awarded a $16m contract to provide turnkey MEP solutions in the New Cuffe Parade project in Mumbai, India.
The win is the latest in DSI's aggressive expansion drive across India, the company said in a statement.
Under the terms of its agreement with the Lodha Group, a real estate developer, DSI will perform MEP works for four towers in the development spread across 23 acres of area located in the new Mumbai Metroplolitan Region Development Area (MMRDA).
The New Cuffe Parade project is the latest in a series of infrastructure deals signed by the company in India.
Khaldoun Tabari, CEO of Drake & Scull International, said: "We are achieving significant progress with our expansion drive in India where the government has launched widespread initiatives to speed up private investment in infrastructure sector through Public Private Partnerships (PPPs).
"India is familiar territory for DSI as we have already delivered a $25m thermal power project in Orissa and a solar power project in Tamil Nadu. We expect to secure more project wins from India in 2014 and hope it becomes one of our major markets in the near future." he added.
DSI is currently working on two other major projects in India including a Coal Power project and the World Crest, one of the tallest towers in India) collectively worth $67m.
"The new contract with the Lodha Group further strengthens our market position as we consolidate our stronghold in the subcontinent," Tabari said.
The Indian government has implemented a series of measures to accommodate and accelerate private investments through PPPs.
In August, it approved 36 projects in the energy, power and infrastructure sectors worth $27.8bn, with DSI saying it is poised to win more projects as a result.