Afcons Infra enters offshore biz

Afcons Infra enters offshore biz
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First Published: Mon, Jun 01 2009. 10 27 PM IST
Updated: Mon, Jun 01 2009. 10 27 PM IST
Bangalore: Afcons Infrastructure Ltd, an arm of Mumbai-based builder Shapoorji Pallonji and Co. Ltd, has entered the offshore business by winning a $366 million (Rs1,720 crore) contract from state-run Oil and Natural Gas Corp. Ltd (ONGC) to construct an offshore platform.
The contract will be executed by a joint venture of Afcons and Indonesian firm PT Gunanusa Utama Fabricators.
“By bagging a prestigious ONGC offshore oil and gas contract, Afcons has made a significant entry into the offshore business, which has been the domain of overseas players with limited participation from Indian companies,” K. Subrahmanian, managing director, Afcons, said in a statement. “With ONGC slated to invest nearly $60 billion over the next five years, Afcons will make a significant bid into a lucrative business opportunity in the offshore business.”
Afcons is also setting up an oil and gas fabrication yard at Mahuva in Gujarat. Shapoorji’s rival Larsen and Toubro Ltd has entered the offshore business by setting up a fabrication facility in partnership with Zubair Corp. at Sohar port in Oman.
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First Published: Mon, Jun 01 2009. 10 27 PM IST