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C&C Constructions, Spain’s Isolux Corsan sign JV

Business

C&C Constructions Ltd has entered into a formal joint venture agreement with Isolux Corsan of Spain recently. The JV will jointly execute construction contracts in the infrastructure space. The scope of this agreement extends to several verticals in which the Company has domain expertise and in geographically diverse regions including Asia, Soviet Block (excluding Eastern European countries) and Africa.
Isolux Corsan of Spain is a multinational company having businesses spread across 22 countries in almost all the verticals of the infrastructure space. It has consolidated revenues in excess of EUR3.3 billion.
Commenting on the development, Gurjeet Singh Johar, Chairman, C&C Constructions Ltd, said: "The pace of growth of our company has been good. With this new association we expect our growth rate to accelerate further. All the stakeholders in this joint venture will definitely benefit."
The President of Isolux Corsan, Fransisco Martin, who was equally optimistic on the development said: "We expect a substantial part of our world revenues to come from this joint venture. We are impressed by the track record of C&C Constructions Ltd and are confident of the success of this joint venture."
C&C Constructions Ltd is an Indian infrastructure development company with interests in Roads, Buildings, Power Transmission Towers and Water and Sewerage. Revenues for FY2010 of the company were Rs1,168 crore and the company has a pending order book in excess of Rs3,000 crore. It was listed in February 2007 and has a current market cap of around Rs650 crore.

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