New Delhi: Looking at strengthening its position in rapidly growing Africa, infrastructure firm Punj Lloyd has bid for projects there and expects business worth $2 billion (Rs9,000 crore) over two years from the continent.
“We are expecting the whole GDP of Africa to double in next 5-7 years...We would like to have an order book in Africa in next two years (that is worth) at least $2 billion,” chairman Atul Punj told PTI.
He said the company has been shortlisted for five projects in the continent and they range from oil and gas to infrastructure.
“We have bid for five projects and hope to get at least three to four,” Punj said, adding that they are based on EPC (engineering, procurement and construction) basis.
Punj’s comments come on the heels of the India-Africa Forum summit in which India and 15 key African nations vowed to strengthen mutual trade, in an effort to tap the huge potential offered by the combined population of 2.2 billion and a GDP of $3 trillion.
Eyeing rich natural resources of Africa -- which expanded 4.7% in 2010 and is expected to grow over 5% in the coming years -- leading Indian businesses are exploring opportunities on the continent.
Along with business leaders like Bharti group chairman Sunil Mittal and Adi Godrej of the Godrej Group, Punj was a part of high-level CEO delegation at the India Show during the India-Africa summit in Addis Ababa, Ethiopia.
He said the company wants to strengthen foothold in the entire Sub-Saharan Africa and contribute to building its infrastructure.
“Africa has huge resources. So far the obsession of most countries has been to exploit the resources and export them. The realization within the country has not been there. We would like to expand the domestic infrastructure,” Punj said.
The company has operations in violence-hit Libya, where it has projects worth $1.8 billion (Rs8,100 crore), including $800 million (Rs3,600 crore) social infrastructure development project.