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Parsvnath forms JV with Spanish firm

18th November, 2008

The Financial Express

Parsvnath forms JV with Spanish firm
The Financial Express
Posted: 2008-11-18 13:03:57+05:30 IST
Updated: Nov 18, 2008 at 1303 hrs IST
Parsvnath Developers, a real estate and construction firm, has formed a joint venture with Spain's Constructora San Jose S.A. to bid for infrastructure work in India, its top official said.
Constructura San Jose is a unit of Spain's infrastructure development company Grupo San Jose.
The equal joint venture will "undertake large construction contracts in the country which includes elevated highways, metro, the monorail and large construction contracts," Chairman Pradeep Jain said over the telephone.
The joint venture company has qualified to bid for an upcoming project to build an elevated expressway at a contract value of 12.2 billion rupees in southern India, Parsvnath had said in a statement to the BSE.
The contract involves construction, design, engineering, financing and operating the 19-kilometre expressway between the Chennai Port and Maduravoyal, it said.
The tie-up will allow Parsvnath take part in heavy construction and large contracts in the country using the Spanish company's technical know-how, Jain said.
Grupo operates in Spain and nine other countries, according to its website. So far, Parsvnath has not done any highway construction, said Jain.
Shares in Parsvnath were trading down 4.4 per cent at 39.15 rupees in a weak Mumbai market.


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