China's leading construction firm CCTEB today announced partnership with realty company Tulip Infratech to develop infrastructure and real estate projects in India as it sees huge opportunities in these sectors.
China’s leading construction firm CCTEB today announced partnership with realty company Tulip Infratech to develop infrastructure and real estate projects in India as it sees huge opportunities in these sectors. Tulip Infratech and China Construction Third Engineering Bureau Co Ltd (CCTEB) will jointly bid and develop projects in the country and target an order book of about Rs 20,000 crore in the next 2-3 years. Gurgaon-based Tulip has developed around 10 housing and commercial projects. CCTEB is a subsidiary of China State Construction Engineering Corporation. “We have signed a cooperation agreement with CCTEB to undertake infrastructure and real estate projects,” Tulip Infratech CMD Parveen Jain told reporters here. He said the two companies will form a consortium to bid for such projects. “We will have 50:50 partnership in each project that the consortium bags, unless there is some other requirement in the bidding process,” Jain said, adding that the two partners have started bidding for highways and road projects.
The joint venture is also in talks with local developers for housing project. “We are targeting an order book of Rs 20,000 crore in the next 2-3 years,” Jain said. CCTEB’s Chief Representative India Branch Cheng Chiming said the company’s global turnover stood at $22.5 billion in 2016, of which 90 per cent came from China and the rest from eight foreign countries where it is present. He said the company has already formed CCTEB India Pvt Ltd to enter the Indian market. “We wanted to enter India in partnership with a local company who understands market. So, we have tied up with Tulip Infratech,” Chiming said.
“Infrastructure development is key for rapid growth of any economy. The Indian government has been focusing a lot on infrastructure projects and we see a lot of opportunities as we have the expertise,” he said. Under the cooperation agreement, Tulip and CCTEB would work jointly and exploit their respective advantages of project planning, channel partner, fund raising, project investment, project management, construction and state of the art construction technologies.