SNC-LAVALIN to make equity participation in National Highway Project
KMC Group receives equity participation from SNC-Lavalin Mauritius Limited. The cost of the project is estimated to be more than Rs 1600 crores.
- (1888PressRelease) November 02, 2010 - Hyderabad - Rayalseema Expressway Limited (REL), a special purpose vehicle led by KMC Group receives equity participation from SNC-Lavalin Mauritius Limited, an affiliate of SNC-Lavalin. REL is a special-purpose vehicle led by KMC, a leading construction company, to build and operate National Highway 18 (NH 18) connecting Cuddappah and Kurnool in the state of Andhra Pradesh. The cost of the project is estimated to be more than Rs 1600 crores.
M. Goutham Reddy, Managing Director of KMC Constructions Limited feels that the infrastructure major is able to attract global strategic investors and this partnership with global investors will benefit the SPV. "We view SNC-Lavalin as a strong long-term partner. Besides the financial investment, we will profit from SNC-Lavalin's renowned project management skills, as KMC expands its road concession business with Pan-India presence. Today, KMC is one of the leading and India's fast growing professionally managed infrastructure companies and we look forward to adding value from alliances with global majors like SNC-Lavalin," said Reddy
"We are excited to be a part of this project with KMC Group and this participation demonstrates our long-term commitment and dedication to the evolving Indian infrastructure market as a proactive infrastructure player. We at SNC Lavalin look forward to working with KMC and add value in building and operating this significant Highway, employing our globally recognized knowledge capital. This project is vital and will largely benefit the citizens of the region and the nation at large," said Ajay Jain, Managing Director, SNC-Lavalin India Infrastructure.
About KMC Construction
KMC Construction Limited is a leading infrastructure company with operations nationwide across all infrastructure sectors. Based in Hyderabad, KMC has a portfolio of 10 road concessions. KMC has grown from a core infrastructure company to a diversified infrastructure entity. KMC Constructions with a Pan-India presence today delivers excellence in infrastructure building, entwined with rich technical prowess in the construction of roads, multi-lane highways, airport runways and bridges, etc.
SNC-Lavalin (TSX: SNC) is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure, and in the provision of operations and maintenance services. SNC-Lavalin has offices across Canada and in over 35 other countries around the world, and is currently working in some 100 countries.
About Rayalseema Expressway Limited
Rayalseema Expressway Limited (REL), is a special purpose vehicle led by KMC to build and operate a stretch of approximately 188 kms between Cuddappah and Kurnool in the state of Andhra Pradesh. Under a 30-year concession awarded by the National Highways Authority of India (NHAI), REL will augment the existing two lane stretch to four lanes and will operate the project on a Build Operate and Transfer (BOT) Toll basis. This stretch, once completed, will minimize the lead time between Chennai and Mumbai
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