Civil engineering major JMC Projects has signed an agreement with Fahi Dhiriulhun Corporation of the Maldives for the design, finance and construction of 2,000 social housing units in Hulhumale island.
The total value of the project is estimated to be 137 million dollars (about Rs 1,000 crore). It is planned to be financed via a loan from the multilateral funding agency. The project will start after financial closure.
“The project is a milestone and testament to our ability to deliver major projects of high quality within tight timeframes,” said S K Tripathi, CEO and Deputy Managing Director of JMC Projects.
“The signing of an agreement with FDC is a landmark event in JMC’s growth journey. It will strengthen our international order book, and reinforces our thrust to diversify in the international engineering, procurement and construction (EPC) market,” he said in a statement on Tuesday.
JMC Projects is a subsidiary of Kalpataru Power Transmission Ltd. In the past three decades, it has contributed towards the country’s infrastructure by constructing highways, expressways, bridges, flyovers, townships, high-rise buildings, hospitals, industrial units, and power plants.
At 11:15 am, the company’s stock was trading 17.65 percent higher at Rs 92.30 per share.