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FINANCIAL NEWS
Pratibha Industries seeks for deals in ME
24 Jul 2011
(MENAFN) Pratibha Industries Ltd’s director and head of marketing department, Yogen Lal, said that the Indian company is seeking for engineering, procurement and construction contracts in the Middle East. Besides, the company is bidding for projects in the UAE, Saudi Arabia, Bangladesh and Sri Lanka, reported Reuters.
The director explained that the company is trying to expand its operations to new regions, thus the company allocated a total of USD221 million for overseas bids. The director added that the company is currently carrying out a project for Dubai Electricity & Water Authority at the cost of USD77 million.
Lal also said that the company is mainly bidding for water treatment, transmission, reservoirs and building sectors, hoping to win some bids during this quarter.
It is worth mentioning that Pratibha expects to end this financial year with an order book of USD1.32 billion, noting that the company has a net debt of USD83 million as on the end of March. However, Lal sees a rise in the company’s revenues that could reach USD343 million in the current financial year, compared last year’s USD282 million.
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