Friday, Apr 08, 2011
MUMBAI (Dow Jones)--IL&FS Engineering & Construction Co. (532907.BY) said Friday its key investors, IL&FS Group and Saudi Binladen Group, have agreed to give it contracts worth about INR90 billion over a three-year period.
IL&FS Group and Saudi Binladen Group took control of IL&FS Engineering last year. IL&FS Engineering was earlier called Maytas Infra and was controlled by the family of Ramalinga Raju, who in 2009 confessed to have overstated the books of Satyam Computer Services Ltd. (500376.BY) as its chairman.
In a press statement, IL&FS Engineering said it has a pipeline order book of about INR25 billion, mainly comprising projects related to roads, railways, rehabilitation centres and airports.
Saudi Binladen Group has recently received a INR3.5 billion project to build a rehabilitation centre in Saudi Arabia, while it also has a $7 billion airport project in Jeddah, IL&FS Engineering said.
A part of this would be executed by a joint venture between IL&FS Engineering and Saudi Binladen Group, the company said.
-By Ashutosh Joshi, Dow Jones Newswires; +91 22 6145 6120; ashutosh.joshi@dowjones.com
(END) Dow Jones Newswires
08-04-11 1025GMT
