Afcons Infrastructure wins order worth Rs 1750 crore from ONGC

Afcons InfrastructureAfcons Infrastructure, a subsidiary of Shapoorji Pallonji & Co., Ltd has received a contract worth Rs 1750 crore from State-run ONGC, to develop an offshore platform.

The group, which is also one of the largest shareholders in Tata Sons with its 18.4% equity, has informed that it will execute the contract through a JV with Indonesia's Gunanusa. The offshore platform is schedule to complete by the first quarter of 2011.

Apart from this, Afcons is currently acquiring land for the Rs 600-crore oil yard project. The first phase of the yard is expected to be complete by the end of the current fiscal.

A company official, who did not want to be identified said, the company is planning to intensify its focus on offshore businesses by tapping opportunities in West Asia and South Africa.

Till date, the company has developed about 50 structures along the Indian coastline including infrastructure and marine structure development for Reliance's oil and gas facilities.

Further, the firm is also engaged in the execution of projects in West Asia and Africa.

Afcons has reported revenue of Rs 2,250 crore and a profit of Rs 60 crore for the year ended March 2009.