India's Patel Engineering bags $153 million order from Algeria for dam project

[Al-khiyal]

(RTTNews), July 4, 2007 -- On Wednesday, Patel Engineering said that it has bagged an order for $153 million from Agence Nationale Des Barrage Et Transferts, Algeria, in a joint venture with Turkey based As-Ka Insaat Construction.

The scope of the work includes design and construction of the Mehouane Dam project.

Patel Engineering bags $153 million order from Algeria

[Al-khiyal]

July 4, 2007 -- Patel Engineering, bagged its first order worth USD 153 million in Algeria from Agence Nationale Des Barrage Et Transferts. The project is in joint venture with As-ka Insaat Construction, a Turkey based company.

The work will include detailed design and construction of the dam under the project 'Travaux de construction du barrage de Mehouane sur l'oued El-Guessar (Mehouane Dam)'.

Rupen Patel, managing director of the company, said `This is a part of our business strategy to shift to newer markets. We believe African markets have good potential over the next few years. The company is in process of finalizing bids for other projects in other African sub-continent including Mauritius. The company has already bidded for projects worth about USD 100 - USD 200 million in Africa and is keen to acquire local construction firms in this region.`

Recently, the company floated a separate 100% subsidiary Patel Engineering (Mauritius) to tap new markets in Mauritius.

The company has been involved in implementing projects relating to steel plants, oil refineries, foundries & machine shops, chemical plants, thermal, atomic and hydro-electric projects, tunneling and underground construction, dams, bridges and marine works.

Shares of the company were last trading up Rs 3.65, or 0.82%, at Rs 451.05. Total volume of shares traded at the BSE was 110,035 (11.00 a.m, Wednesday).

Patel Engineering secures order worth USD 153 million in Algeria