HCC Infra inks deal with Egypt’s Orascom for road projects

HCC Infrastructure Ltd on Tuesday signed a memorandum of understanding with Egyptian group Orascom Construction Industries Ltd for bidding and developing large National Highway Authority of India road projects in the country.

HCC Infrastructure is a 100-per cent subsidiary of Hindustan Construction Co, while OCI is a leading Middle-Eastern construction contractor.

HCC and OCI will also explore a broader scope of partnership with the intent of jointly creating a premium portfolio of infrastructure assets across different sectors in India, a press release issued in Mumbai said.

HCC chairman and managing director Ajit Gulabchand said, "The Indian government has enhanced the pace of development of world-class infrastructure for India and has chosen PPP (public-private partnership) as the main tool to implement this. In order to participate in this programme, HCC has chosen to partner with OCI, a company in which we find a wealth of expertise and commitment to create quality infrastructure."

Orascom Construction's chief executive and chairman Nassef Sawiria said, "This joint venture will yield significant synergies for both groups. We look forward to exploring further opportunities with our new partner."