Mumbai: Patel Engineering said on 4 July it has bagged $153 million (Rs619 crore) order from Algeria-based Agence Nationale Des Barrage Et Transferts to build a dam in joint venture with a Turkish firm.
“This is a part of our business strategy to shift to newer markets. We believe African markets have good potential over the next few years. The company is in process of finalising bids for other projects in African sub-continent including Mauritius,” Patel Engineering managing director Rupen Patel said.
The work would include detailed design and construction of a dam under the project — Travaux De Construction Du Barrage De Mehouane Sur L’oued El-Guessar (Mehouane Dam), the company informed the Bombay Stock Exchange (BSE).
The order was bagged in joint venture with Turkey-based As-ka Insaat Construction company and would mark the entry of Patel Engineering into Algerian market.
“The company has already bid for projects worth about $100-200 million in Africa and is keen to acquire local construction firms in this region.” Patel added.
Recently, the company has also floated a separate 100% subsidiary, Patel Engineering (Mauritius), to tap new markets in Mauritius, it said.
Shares of Patel Engineering were trading at Rs453.60, up 1.39% on the BSE.