Tulip Infra-CCTEB JV forays construction sector

    Tulip Infratech
    In view of making the most out of the huge business avenues in the country’s road sector, the Delhi-NCR-based real estate firm Tulip Infratech has recently inked joint venture agreement with China Construction Third Engineering Bureau (CCTEB) and the JV entity forayed into the infrastructure and contracting businesses. The joint venture company targeted minimum revenue of around Rs.3,000 crore in the next five years. It will mainly focus on building highways and affordable housing projects, chairman and managing director, Tulip Infratech, Parveen Jain, said, adding that the partnership would enable to leverage on the Chinese state-owned conglomerate‘s strong financial strength and proven track record in infrastructure and construction to take on larger-scale infrastructure projects. The joint venture has aimed at a minimum order value of around Rs.15,000- Rs.20,000 crore in the next four to five years. While chief representative, India branch of CCTEB, Cheng Chiming, said that the Indian government is focusing a lot on development and expansion of highways, flyovers, road building and other infrastructure and the JV entity would be well-positioned to take advantage as an infrastructure partner in the projects as India aims at matching huge infra deficit. CCTEB, which is a subsidiary of China State Construction Engineering Corporation, with newly formed joint venture is bidding for projects of the National Highways Authority of India (NHAI) in Gurugram and Bihar and looking at developing an affordable housing project in Gurugram.
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