Real estate News India : Drake & Scull International (DSI), a leading construction firm in the region, has won a $16 million contract to provide turnkey mechanical, electrical and plumbing (MEP) solutions for a luxury towers project in Mumbai.
Under the terms of its agreement with India’s Lodha Group, a premier real estate developer, DSI will perform MEP works for four towers in the New Cuffe Parade project across 23 acres of area. The project is the latest in a series of infrastructure deals signed by the company in India.
Khaldoun Tabari, CEO of DSI, said: “We are achieving significant progress with our expansion drive in India where the government has launched widespread initiatives to speed up private investment in infrastructure sector through Public Private Partnerships (PPPs). DSI is well-positioned to provide expertise, technologies and resources especially in hospitality, aviation, railways, urban infrastructure and housing, thermal and renewable energy and water and wastewater sectors via our Water & Power and MEP business units.”
“India is familiar territory for DSI as we have already delivered a $25 million thermal power project in Orissa and a solar power project in Tamil Nadu. We are currently working on two major projects including a Coal Power project and the World Crest, (one of the tallest towers in India) collectively worth $67 million.
“The new contract with the Lodha Group further strengthens our market position as we consolidate our stronghold in the subcontinent. We expect to secure more project wins from India in 2014 and hope it becomes one of our major markets in the near future,” Tabari added.
The Indian government has implemented a series of measures to accommodate and accelerate private investments through PPPs. In August 2013, the government approved 36 projects in the energy, power and infrastructure sectors worth $27.8 billion, noted Tabari.
With an announced $154 billion worth of infrastructure projects to be funded via PPPs along with DSI’s proven track record in India, the company is poised to win more projects in the country, he added.