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IVRCL Secures $209 Million Infrastructure Contract For India's Dahej Special Economic Zone
BANGALORE, INDIA--June 23, 2008--IVRCL Infrastructure & Projects Limited (Hyderabad, Andhra Pradesh) has secured a $209 million contract from ONGC Petro Additions Limited (OPaL), a subsidiary of Oil & Natural Gas Corporation (BOM:500312) (ONGC) (Dehradun, Uttarakhand), for the upcoming Dahej Petrochemicals Complex in Gujarat. OPaL, which functions as a special-purpose vehicle for the $3.4 billion Dahej special economic zone, awarded the contract to IVRCL on a lump sum turnkey basis. This contract marks IVRCL's first foray into the oil and gas sector. IVRCL will seek approval from the project's consultant, Foster Wheeler (NASDAQ:FWLT) (Clinton, New Jersey), to begin soil stabilization.
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