Arabtec-Raheja JV wins three India contractsby Ben Roberts on Oct 9, 2011
A joint venture of UAE’s Arabtec Construction and Raheja Developers in India has been awarded a contract to build three mixed use projects in Delhi and Gurgaon worth AED750m ($204m).
Arabtec Construction-Raheja, a venture 63% owned by the Dubai-based contractor, is to build the Raheja Revanta in Gurgaon in Haryana, what will be a high-rise apartment tower and low rise buildings, a total of 1,000 units, as well as the Raheja Shristi project, a 300-apartment residential complex.
It will also build Raheja Phoenix, at Shadpur in the Indian capital, includes a 50-floor tower, a shopping mall and 2,800 housing units.
The buildings will cover a total area of 380ha and will be built over a four-year schedule.
Arabtec Construction, the building arm of Arabtec Holding, the UAE’s biggest building conglomerate, is trying to diversify its project portfolio away from its home country in the wake of a severe decline in projects in the last three years.
Last week, Greg Christofides, CEO, told an audience at a CW conference that the company has a particular focus on the Saudi market on the back of high government spending on new developments.
The company has a number of subsidiaries around the Middle East as well as in India, which also has high government spending to develop its infrastructure.
Arabtec Construction-Raheja is the only venture in the sub-continent for the company, according to the holding company’s financial statement. It also owns 60% of a subsidiary based in Pakistan focused on civil construction.
Only a few Gulf contractors have made significant progress in India. The most successful in the last two years is arguably Galfar Engineering & Contracting, the Omani contractor, which has competed for and won a number of road and utilities contracts in India.
The win adds to the flurry of contracts won by Arabtec Construction at the start of 2011, which includes deals in Egypt, Saudi Arabia and the northern emirates.
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