Leading European infra player A&M Development Group has inked a joint venture with the Delhi-based engineering and construction player Oberoi Group to enter the country. The joint venture Oberoi-A&M Infra-Consortium will also handle the Saarc operations of the European group and will be formed as a consortium in association with the Nasdaq-listed American conglomerate Polaris Energy Resources.
The consortium plans to develop or construct mega projects in the country via the EPC and finance route and has set a target of garnering a USD 20 billion business here over the next few years, Oberoi-A&M Infra-Consortium India director Inderjot Singh Oberoi told PTI. He said the consortium will also be bidding for infrastructure projects/contracts in the Saarc region apart from the focus market of India.
The consortium will be looking at the development/construction of projects either through the engineering procurement and construction (EPC) model through the finance model. The JV is too optimistic about the potential India offers despite the massive economic crisis due to the COVID-19 pandemic, and has sent an initial potential billing of USD20 billion, Khaled Mohamed Sadek, CEO of A&M International Development & Investment, said without offering a timeline.
A&M's has a global presence with a majority footprint in the African continent.Sadek said the Saarc JV will be headquartered in New Delhi given the economic and political stability in the country. The office will be executing infrastructure projects which are under the focus areas of the government, he added.
The new Delhi-based Oberoi Group is into infrastructure, realty, construction, irrigation, marina development, water treatment, agro, hospitality among others. The A&M Development Group has subsidiaries in Italy, Germany, Egypt, Romania, El Salvador, Belarus, Russia, Greece and Congo.
The Nasdaq-listed Polaris Energy Resources is a global leader in infrastructure development & finance, construction, renewable energy solutions, gas to liquid projects, synthetic fuels and lubricants and additives.