Parsvnath forms JV with Spanish company

Parsvnath forms JV with Spanish company

Mumbai: Realty firm Parsvnath Developers has announced a joint venture (JV) with Spanish company Constructora San Jose to bid for infrastructure development projects.

Constructora San Jose is a subsidiary of Spain-based infrastructure development firm Grupo San Jose.

Under the terms of the contract, both Parsvnath and Constructora San Jose would hold equal equity in the ‘The SanJose — Parsvnath Consortium´.

In a filing to the Bombay Stock Exchange (BSE) , Parsvnath said that the consortium has qualified to submit financial bid for the construction of an elevated expressway on NH-4 and the contract is valued at Rs1,220 crore.

The contract involves construction, designing, engineering, financing, procurement and operation and maintenance of a 19-kilometre long 4-lane elevated expressway between Chennai Port and Maduravoyal on NH-4, the filing added.

According to the filing, the JV company would also bid for the upcoming infrastructure development works in the fields of transportation, aviation, power generation and transmission.

Shares of the firm were trading at Rs39.85, down 2.69% in early morning trade on the BSE.