Released on: July 1, 2008, 1:30 am

Press Release Author: varma

Industry: Real Estate

Press Release Summary: The company is looking to develop airports in West Asia, and
has won two road contracts in Oman for Rs1,300 crore


Press Release Body: The company is looking to develop airports in West Asia, and has
won two road contracts in Oman for Rs1,300 crore
Hyderabad-based Nagarjuna Construction Co. Ltd, or NCC, is exploring opportunities
to expand its airport development business to international markets, starting with
West Asia, after a group comprising it successfully bid for two airport development
projects in south India recently.
"We are now in the process of preparing ourselves for a major foray into
international markets for airports development, apart from other verticals such as
roads, buildings and water (supply projects)," said Narayana Raju Alluri, head of
NCC's international operations.
A group comprising NCC, Hyderabad-based Maytas Infra Ltd and a subsidiary of
Austrian airport operator Flughafen Wien AG had won contracts to develop two small
airports in Karnataka's Shimoga and Gulbarga districts.

NCC has decided to bid for the Ras Al Hadd airport in Oman's capital, Muscat, with a
foreign partner. "We have tied up with a Turkish company to bid for the Muscat
airport project, wherein we will execute the civil construction contract," Alluri
said. He wouldn't reveal the Turkish firm's name.
NCC has already won two road construction contracts in Oman worth about Rs1,300
crore. "We are now pursuing more such opportunities."
Another Indian firm bidding for the $680 million (Rs2,917 crore) Muscat airport
project is Larsen and Toubro Ltd through its Omani subsidiary, according to the Oman
Observer.

In airport projects, Alluri said, NCC is keen on construction work, and not owning
and operating them because the cost involved will be huge and the recovery period
long. Most infrastructure projects are given on build, operate and transfer, or BOT,
basis wherein the developers operate the projects for a specific period of time to
recover costs.
NCC's chief financial officer, Y.D. Murthy, said the firm will also bid for
construction contracts at Kolkata and Chennai airports, called for by the Airports
Authority of India recently. While Shimoga and Gulbarga projects are to be developed
on BOT basis with the developers holding the right to operate them for 30 years, the
Kolkata and Chennai projects are for construction?works.
For the Gulbarga and Shimoga projects, the partners have floated two special purpose
vehicles or SPVs, or separate companies meant to carry out the projects. The two
Hyderabad companies will hold 37% each in the SPVs, while VIE India Project
Development and Holding Llc., the Austrian firm's unit, will own the rest...........

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