Fernas Construction targets Rs 1,500 crore revenue by 2014-15

Company has an order book of more than Rs 2,400 crore and has qualified to submit financial bids for projects worth over Rs 9,800 crore

Fernas Construction, a Turkey-based multinational firm, is targeting revenue of Rs 1,500 crore by 2014-15 from its Indian operations, a top company official said.

Fernas, which operates in India as an EPC contractor in the oil and gas sector, expects to win contracts worth over Rs 2,000 crore in the next six months.

It has an order book of more than Rs 2,400 crore and has qualified to submit financial bids for projects worth over Rs 9,800 crore, Ferhat Nasiroglu, Promoter Director of Fernas Construction India, told PTI.

"We have been technically qualified for submission of financial bids for works worth over Rs 9,800 crore and have a success ratio of winning 1 out of 2 bids in the past. We will certainly be able to have sufficient orders for achieving target revenue of Rs 1,500 crore in 2014-15," he said.

The Indian unit has more than doubled revenue and profit since it was set up in October 2010, he said, adding, "We have already invested a large sum of money in the Indian market and shall continue to invest."

He did not disclose the Indian unit's revenue and profit figures.

Fernas also plans to use its Indian unit to bid for international projects in South East Asia, the Middle East and Africa. It will take help of the parent firm to enter the market and capitalise the high demand for crude, refined oil and gas and derivative products.

"This is expected to result in several large oil and gas exploration, production and transportation projects in this region, including several pipeline and LNG import terminals," Nasiroglu said.

The Fernas group entered India in 2009 to build GAIL India's Dahej-Vijaipur pipeline project worth Rs 450 crore.

In October 2010, it incorporated Fernas Construction India, a wholly owned subsidiary. It is currently executing projects worth Rs 2,400 crore for ONGC Petro additions, Indian Oil and Gujarat State Petronet.

The New Delhi-based company has about 1,100 employees and an indirect strength of 8,000 for its EPC (engineering, procurement and construction) projects. It plans to enter sectors such as roads and highways.

Fernas, which has project specific tie-ups with international technology suppliers, is considering expansion of its engineering base and may "acquire one engineering company," Nasiroglu said, without providing details.