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Gpcl To Handle World Banks 150 Local Projects

Our Banking Bureau  |  MUMBAI 

The company posted a net profit of Rs 54 lakh on a turnover of Rs 1.8 crore in 1999-2000. The turnover for the first quarter of the current financial year is Rs 1.3 crore.

"Since it offers consultancy to overseas projects, it will be a net foreign exchange earner. Besides, it is an excellent way of propagating Indian goods and providing opportunities for Indian manufacturers in developing countries. It is also the first Asian procurement consultancy," Y B Desai, managing director of Exim Bank, said recently.

In a related development, GPCL is signing a memorandum of understanding with Australian company Sagrec for assistance in the health sector development for Africa.

According to R Rajappa, chief executive officer of GPCL, the company aims at allied diversification for exporters and importers and it is an interface between the funding and implementing authority of a project.

The company has partnerships in strategic sectors like energy, water resources, mining, chemical industries. It has also conducted procurement audits of the World Bank-funded projects in Turkey, Georgia and Armenia. It is currently engaged in World Bank audits in Guyana and India.

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First Published: Tue, August 22 2000. 00:00 IST