News@Galfar

Galfar Operations in India

Further to the information disclosed in the previous Directors’ Report and within the context of the company’s strategic plan to grow and diversify its operations, Galfar with Indian leading companies (consortium) has been pursuing projects in India.  To this effect, we are pleased to inform our esteemed shareholders and investors that the company has bid for various infrastructure projects in India, and has been successful in securing the following projects;
 
1.       Indore-Ujjain Road Project: This project has been awarded to the consortium of SREI, Galfar & Varaha by Madhya Pradesh Road Transport Corporation. It is a BOT project for a concession period of 25 years. The total project cost is estimated to be around INR.3,410 million. A special purpose vehicle titled Mahakaleswar Tollways Pvt Ltd has been established for this project and Galfar, Oman holds 26% shares in this company. Galfar Engineering & Contracting (India) Pvt Ltd, a 100% subsidiary of Galfar, Oman has been awarded a contract for INR.1380 million, by the said SPV, to execute 50% of this project.
 
2.      Ghaziabad-Aligarh Expressway: This project has been awarded to the consortium of SREI, Galfar and PNC Infratech by National Highway Authority of India. It is a BOT project for a concession period of 24 years. The total project cost is estimated to be around INR.20,190 million. Galfar, Oman and its subsidiary / associates will be holding 26% in the Special Purpose Vehicle, named Ghaziabad Aligarh Expressway Pvt. Ltd
 
3.      6-Laning of Chandikole-Jagatpur-Bhubaneshwar Road: This project has been awarded to the consortium of SREI, Galfar and Simplex by National Highway Authority of India. It is a BOT project for a concession period of 26 years. The total project cost is estimated to be around Rs.16, 279 million. Galfar, Oman and its subsidiary / associates will be holding 26% in the Special Purpose Vehicle to be established for the execution of this project.
Galfar is expected to generate reasonable revenue during the course of operations of the roads by the said special purpose vehicles.
 
P. Mohamed Ali
Managing Director
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