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Afcons Infra enters offshore biz
[ Dated - 2009 ]
[ Dated - 2009 ]
AFCONS Infrastructure Ltd, an arm of Mumbai -based builder Shapoorji Pallonji and Co. Ltd, has entered the offshore business by winning a $366 million (Rs. 1,720 crore) contract from state-run Oil and Natural Gas Corp. Ltd (ONGC) to construct an offshore platform.
The contract will be executed by a joint venture of AFCONS and Indonesian firm PT Gunanusa Utama Fabricators.
"By bagging a prestigious ONGC offshore oil and gas contract, AFCONS has made a significant entry into the offshore business, which has been the domain of overseas play¬ers with limited participation from Indian companies," K. Subrahmanian, Managing Director, AFCONS, said in a statement "With ONGC stated to invest nearly $60 billion over the next five years, AFCONS will make a significant bid into a lucrative busi¬ness opportunity in the offshore business."
AFCONS is also setting up an oil and gas fabrication yard at Mahuva in Gujarat.
