Om Metals Infra to bid for $100-mn worth projects in Africa

Om Metals Infraprojects today said it is bidding for projects worth of USD 100 million in African countries.
It is also looking to foray into the Asian and middle east markets.
Om Metal Infraprojects has a diversified business across infrastructure, water and irrigation, including execution of hydro-mechanical and EPC contracts for hydropower and irrigation projects.
"We are engaged in irrigation and watershed development irrigation projects in Rwanda and Ghana in Africa. We are eyeing the African markets with more focus as we have won a couple of projects in this continent and are actively bidding for projects worth USD 100 million in these regions," Om Metals director Vikas Kothari told PTI here.

"As part of our overseas expansion plans, we are also looking at entering into the far east and middle east markets, which offers enormous potential for our expertise in infrastructure, water and irrigation," he added.
The company has bagged an order worth USD 32 million for rehabilitation and completion of Kpong Left Bank Irrigation Project, in Ghana. The World Bank funded project is expected to be completed in two years.

The company is also engaged in 1,000 hectares irrigation project worth USD 17 milllion in Rwanda. The Indian government-funded project is expected to be completed in the next 12-18 months period, Kothari said.

In addition to overseas projects, the company has bid for orders worth of Rs 2,000 crore in the domestic market. The company is expected to close its order book at Rs 1,800 crore by the July-September quarter of FY19, Kothari added.
In the domestic market, the company has successfully executed more than 60 hydro-mechanical contracts for hydro-power and irrigation projects across the country.
The company has secured letter of Intent (LOI) for works contract of North Koel Reservoir Project in Jharkhand. The project comprises of balance work of dam and appurtenant works aggregating Rs 38.54 crore.
Kothari informed that in terms of real estate, the company has investments in Jaipur, Mumbai and Hyderabad. We have a joint development with Mahindra Life spaces and are at advanced stages of completing the project, he said.

The company has registered consolidated revenue of Rs 283 crore in FY17 and is expecting to register around Rs 325 crore in FY18. It targets a revenue of Rs 425 crore in FY19 following execution of projects worth of Rs 800 crore, Kothari added.