Hindustan Construction Company (HCC) Ltd, India’s leading infrastructure company, has been awarded contracts worth Rs 208 crore. This include contract from the Municipal Corporation of Brihan Mumbai for laying 1.765 km M.S. pipeline and another contract is from a leading petrochemical company for construction of Off-Gas Cracker and LLDPE process units.
Beside these orders, HCC has secured L1 positions in nine tenders aggregating to Rs 3,092 crore in which HCC’s share is pegged Rs 2,964 crore. These L1 positions include three tenders in the hydropower segment and six tenders in the road segment for which the final work orders are awaited.
In another significant development, the Delhi High Court on September 22, 2014 has granted relief to HCC, directing payment of Rs 225 crore to HCC on its furnishing bank guarantee to the Delhi High Court to the extent of 50% of the value, in respect of the dispute arising out of extension of time claim in Allahabad Bypass Road project. Earlier, the Arbitral Tribunal and Single Judge of Delhi High Court upheld the said claim.
Announcing the latest contracts procured, Mr. Praveen Sood, Group Chief Financial Officer said, “It has been the company’s endeavour in the last few quarters to procure more contracts and recover its outstanding dues with its clients. The latest order by the Honorable Delhi High Court vindicates HCC’s position in respect of awarded claims. This also paves the way for payment of concluded arbitral awards to the tune of about more than Rs.1,000 crore.”
HCC is a business group of global scale developing and building responsible infrastructure through next practices. With an engineering heritage of nearly 100 years, HCC has executed a majority of India’s landmark infrastructure projects, having constructed 25% of India’s Hydel Power generation and over 50% of India’s Nuclear Power generation capacities, over 3,500 lane km of Expressways and Highways, more than 288 km of complex Tunneling and over 350 Bridges. HCC’s landmark projects include the Bandra Worli Sea Link, Mumbai − India’s first and longest open sea cable-stayed bridge; the Kolkata Metro, Farakka Barrage and India’s largest nuclear power plant at Kudankulam – Tamil Nadu, to name a few. Today, HCC Ltd. serves the infrastructure sectors of Transportation, Power and Water. HCC is also developing Lavasa City, a planned hill city and one of India’s largest urban development and management initiatives. The HCC Group, with a group turnover of Rs 9,688 crore, comprises of HCC Ltd, HCC Infrastructure Co. Ltd, HCC Real Estate Ltd, Lavasa Corporation Ltd and Steiner AG in Switzerland.
Source : Newvoir