Dubai’s DSI signs $16 million deal in India
Regional firms are looking toward the East in search of growth and the latest one to join this trend is Dubai-listed Drake and Scull International (DSI).
The GCC’s market leader in integrated design, engineering and construction solutions has been awarded a $16 million contract to provide turnkey mechanical, electrical and plumbing (MEP) solutions for the New Cuffe Parade project in Mumbai, India. The win reflects DSI’s aggressive expansion drive across India. It will perform MEP works in four towers of the development, which is spread across 23 acres and located in the new Mumbai Metropolitan Region. The project is the latest in a series of infrastructure deals signed by the company in India. DSI is working with India’s Lodha Group – a premier real estate developer – for New Cuffe Parade project.
CEO of Drake & Scull International, Khaldoun Tabari, says: “We are achieving significant progress with our expansion drive in India, where the government has launched widespread initiatives to speed up private investment in the infrastructure sector through public private partnerships (PPPs).
“DSI is well positioned to provide expertise, technologies and resources, especially in hospitality, aviation, railways, urban infrastructure and housing, thermal and renewable energy, and water and wastewater sectors via our water and power, as well as MEP business units.
“India is a familiar territory for DSI, as we have already delivered a $25m thermal power project in Orissa and a solar power project in Tamil Nadu. We are currently working on two major projects, including a coal power project and the World Crest, (one of the tallest towers in India), which are collectively worth more than $67m. The new contract with Lodha Group further strengthens our market position, as we consolidate our stronghold in the subcontinent. We expect to secure more project wins from India in 2014 and hope it becomes one of our major markets in the near future.”
The Indian government has implemented a series of measures to accommodate and accelerate private investments through PPPs. In August 2013 it approved 36 projects in the energy, power and infrastructure sectors worth $27.8 billion. With an announced $154bn worth of infrastructure projects to be funded through PPPs, along with DSI’s proven track record in India, the company is poised to win more projects and firmly establish its presence in the country.