CAIRO: Orascom Construction Industries (OCI), Egypt’s biggest listed builder, signed an MOU with India’s HCC Infrastructure Limited (HIL) to form a partnership to pursue infrastructure projects in India.
OCI and HIL, which is wholly owned by Hindustan Construction Company, will pursue public-private partnerships and build-operate-transfer projects tendered by the National Highways Authority of India, according to a statement.
India will tender around 11,854 kilometers worth of road and highway works during the second half of 2010 and first half of 2011, the statement read.
OCI and HIL will explore various sectors to develop further infrastructure projects in India in the near future.
Nassef Sawiris, CEO and chairman of OCI, said, "This joint venture will yield significant synergies for both groups [OCI and HIL]."
Ajit Gulabchand, chairman and managing director of HCC, said that India is looking to develop its infrastructure and “has chosen PPPs as the main tool to implement this.”
HCC has a $1.2 billion portfolio with six road concessions under management, and plans to grow its road portfolio to $3 billion.
OCI recently announced a joint venture with Morgan Stanley to invest in infrastructure assets in the Middle East and Africa, the statement read.