HCC to float 100% infrastructure arm

HCC to float 100% infrastructure arm

New Delhi: Construction firm Hindustan Construction Company (HCC) today said it will float a wholly-owned infrastructure subsidiary to bid for Public- Private Partnership (PPP) projects including airports.

“We will soon float a 100% subsidiary to bid for PPP projects and will also bid for developing airports. We are in talks with foreign firms," HCC Chairman and Managing Director Ajit Gulabchand told reporters here on the sidelines of India Economic Summit.

The company’s proposed infrastructure arm would be called HCC infra, Gulabchand said.

“All this would require lot of money. Initially, we will bring in the money. We will look at an IPO at a later stage," he added.

HCC is expecting to close fiscal 2008 with a turnover of over Rs3,000 crore, while its order book is expected to cross Rs12,000 crore as against Rs9,300 crore last year, the CMD said.

It seeks to become an integrated infrastructure company with a foray in hydel power and ports besides airport.

HCC’s Lavasa project is yet to yield revenues. “We had a very good soft launch of the project," Gulabchand said.

Going forward the company expects the three segments of real estate, infrastructure and construction services as its growth drivers.

The company seeks to acquire a land bank of 2,000 acres in regions like Mumbai Metropolitan region and Pune.