No major concern from Dubai debt crisis: Voltas

In an exclusive interview with CNBC-TV18, MM Miyajiwala, Executive VP and CFO of Voltas, spoke on the latest happenings in the global markets and their impact on the company.

Below is a verbatim transcript of the exclusive interview with MM Miyajiwala on CNBC-TV18. Also watch the accompanying video.

Q: You have a project running with Burj Dubai, what is the size of that? What is the stake in it and what kind of likely impact you are fearing because of the news from Dubai?

A: This project is being executed in a joint venture with two other parties and our share is 37.5%. The total project when we initially started was about Rs 900 crore, and it is expected to go up because of variations, etc. but we believe this project is fully funded by EMAR as far as the requirements of funds for this particular project are concerned. So we do not anticipate any major concern on this.

Q: Could there be any deferment or delays in execution because of the troubles going on in Dubai? Do you expect any possible collateral damage?

A: I don’t know because this particular project was scheduled for inauguration in the months of December-January, and therefore, we are too close to it to now to have any deferments.

Q: Was this included in your orderbook guidance though for H2 FY10 and how much it would constitute of your total orderbook?

A: The orderbook is primarily from Abu Dhabi and Qatar and Dubai is almost completed, and therefore, there won’t be any significant amount included in this.