PLUS lands Mumbai job

August 8, 2006

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PETALING JAYA: After years of scouting around globally for projects to widen its earnings stream, PLUS Expressways Bhd has landed a RM148mil BOT (build, operate and transfer) job that involves a 21.6km highway near Mumbai in India.

This is PLUS’ first foray overseas but the company hopes to clinch many more jobs in India where it is said to be in talks with several other state governments for similar projects. Nearer home, it is trying to secure projects in Indonesia and Vietnam.

Spreading its wings is part of a plan to export expertise and diversify its earnings stream, but PLUS managing director Datuk Idrose Mohamed said the company would not rush to get jobs but would maintain prudence and only take on jobs that could enhance value for the group and its shareholders.

“There have been numerous opportunities over the years but PLUS has been deliberate in its evaluation,’’ he said.

He said in a statement that “foreign investments offer PLUS an opportunity to diversify and widen its earnings base, and we are on the lookout for new opportunities both in Malaysia and abroad; that is our (future) growth strategy.’’

The company inked the 21.6km highway deal in India last Friday. The project involves widening, strengthening and upgrading of an existing road to the Bhiwandi-Kalyan-Shil Phata Highway located about 40km from the city of Mumbai.

In the statement, PLUS said the project was awarded by the Maharashtra State Road Development Corp – which is responsible for the development of transport infrastructure facilities in the state – to the unincorporated consortium comprising PLUS and Concept Management Consulting Pte Ltd.

The statement said the highway would be divided into three sections: from Shil Phata to KDMC Octroi, thereon to an existing toll plaza near Durgadi Bridge, and further to Bhiwandi City Limits.

Idrose said the project “would serve as a platform for the PLUS group’s expansion into the Indian subcontinent and the project is expected to contribute positively to the future earnings of the group.’’

It is learnt that funding for the project will be a mix of debt and equity, with the company would sourcing funding from local Indian and foreign banks operating in India.

A special purpose vehicle, known as PLUS BKSP Toll Ltd, will undertake the project. PLUS will hold 55% stake in PLUS BKSP. The remaining 45% equity will be held by Concept Management and five other subscribers.

Written by ITW Editor · Filed Under Investment and Finance, PLUS, Tech

2 Comments on “PLUS lands Mumbai job” Post your comment

Krishan kumar yadav on February 4th, 2012 10:00 pm

Sir i am krishan kumar yadav my current job in mep toll road pvt ltd my post is sup. I no satisfied this company.
saud on April 28th, 2012 12:22 am

job here