Patel Engineering wins $1-billion road order in Djibouti

While the Consulate General of the Republic of Djibouti confirmed the news report, Patel Engineering, on the other hand, said that it is in an advanced stage of negotiation for this infrastructure project

According to reports, Indian construction company Patel Engineering Works Ltd has won an order for building a 350-km highway connecting Djibouti’s border to Ethiopia, worth nearly $1 billion (about Rs4,600 crore).

"Patel Engineering Works has bagged the order worth nearly $1 billion. The work which commenced six months ago is being carried out on a Build-Operate-Transfer basis," consulate general of the Republic of Djibouti in India, Mohamed Idris Saban, told reporters in Bengaluru.

When contacted, company officials said Patel Engineering Works was in “advanced talks” and a formal agreement is “yet to be reached”. According to a filing to the Bombay Stock Exchange, Patel Engineering said that it is in an advanced stage of negotiation with the ministry of transport, Djibouti, for infrastructure works.

HRD and Co, another Mumbai-based company, has been given an order for a geo-thermal energy project in Djibouti. The deal was a power purchase agreement, said Mr Saban.

"We are also looking at tie-ups with Indian computer education firms like NIIT and Aptech to start such institutes in Djibouti and are looking at student-exchange programmes. We have almost 750 students in India from Djibouti," he added.
 

  • Like this story? Get our top stories by email.

    User 

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    28 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 4 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)