Vandana Ramnani
Moneycontrol News
Gurgaon-based real estate company Tulip Infratech has entered into a 50:50 joint venture with China Construction Third Engineering Bureau Co (CCTEB), to undertake highway, high-rise and affordable housing projects.
CCTEB is a subsidiary of China State Construction Engineering Cooperation, which is a Fortune Global 500 company.
Parveen Jain, Chairman and Managing Director, Tulip Infratech said that the partnership will leverage the Chinese company’s track record in executing infrastructure and construction projects.
“It was important for us to get into this joint venture because we do not have expertise in the infrastructure sector, nor the kind of turnover required to get into projects of such magnitude. It is a win-win for both parties,” he said.
Jain added that the Tulip-CCTEB JV had applied for a few tenders floated by the National Highways Authority of India and that it was also in talks with private developers in the affordable housing space, with an aim to undertake construction work for them.
"In the next three to four years, we are looking at Rs 20,000 to Rs 25,000 crore worth of work in these segments. We expect to garner a revenue of around Rs 3,000 crore from our projects. Our investments will be project based,” Jain said.
Speaking about the decision to join hands with Tulip and venture into the infrastructure sector in India, Cheng Chiming, chief representative of CCTEB's India branch said it was apparent that there was huge demand for infrastructure in the country.
“Going forward, infrastructure projects in India will be our major focus of our target in the next few years. We are also looking at super high rise building projects and affordable housing projects in India,” Chiming said.
CCTEB is currently undertaking projects in China and Algeria, Malaysia, Sri Lanka and Indonesia. It is also in the process of constructing the third tallest tower in the world and the longest ring road in Wuhan city.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
