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Thu 3 Jul 2014 01:53 PM

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Dubai's Drake wins $82m power deal in India

Contracting firm Drake & Scull says contract win is part of 'aggressive' expansion plans in India

Dubai's Drake wins $82m power deal in India
Khaldoun Tabari, CEO of Drake & Scull International. (For illustrative purposes only)

Dubai-based Drake & Scull International (DSI) said on Thursday it has won a AED304 million ($82.7 million) deal for the electrical transmission line of the Uttarakhand Power Sector Investment Program-Project in Uttarakhand, India.

The contract for the construction of a new 400 kiloVolt (kV) Double Circuit (DC) transmission line will support DSI’s aggressive expansion plans within India, the company said in a statement.

The Uttarakhand Power Sector Investment-Project is an ambitious hydropower project, which will run from Srinagar to Kashipur.

The scope of work for DSI includes the construction of 152km transmission line and will also undertake the survey, design, fabrication and supply of 400kV DC transmission line towers, supply of conductors and insulators, erection of towers and other related materials, and testing and commissioning of the whole transmission line.

“We are pleased to have secured this important power project in India. The construction of the power transmission line will help supply up to 2,500 Megawatts of electricity to the North India grid which is underdeveloped and overstretched at present,” said Ahmad Alnaser, managing director of Drake & Scull Engineering.

He added that the company is currently undertaking projects worth AED365 million in India and is planning bids for upcoming key projects in the country's rural and urban rail networks.

The project win takes the total project awards to date to approximately AED4.2 billion, with new projects in Saudi Arabia, UAE, Qatar, Algeria, Jordan, India, Romania, Turkey and Egypt.

Drake & Scull said in May that unforeseen delays to two major projects in Saudi Arabia were responsible for the contractor missing analysts' expectations with a 27.1 percent decline in first-quarter net profit.

The firm made a net profit of AED45.7m ($12.4m) in the first three months of 2014, compared with AED62.7m in the corresponding period of last year.

Three analysts polled by Reuters, on average, had forecast a net profit for the period of AED58.9m.

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