A Bridgehead for Entering Indian Market
HDC Hyundai Development Co. has won a road construction project in Mumbai, India, worth 330 billion won (US$300 million).
The company announced Oct. 2 that it will team up with an Indian partner to construct the second section of a road on the southern coast of Mumbai. Of the total project cost, the portion of HDC Hyundai Development is 45 percent, or about 150 billion won.
This is the second overseas contract that HDC Hyundai Development has won this year, following the BSMMU University Hospital project in Bangladesh in May. It is the first overseas infrastructure project that HDC Hyundai Development has won following the construction of the Banegas Bridge in Bolivia in 2014 and the Hung Ha Bridge in Vietnam in 2015.
The road project was awarded by the Municipal Corporation of Greater Mumbai in a build and design method. The 2.75-kilometer road project involves building a bridge spanning 0.9 kilometers, an interchange and a 3.2-km-long ramp and a 1.9-km embankment.
The construction period is 48 months from October 2018 to September 2022 and when completed, it will connect the Bandra Worli Sea Link and the Bandra Palace. When the entire 14.2-kilometer stretch of the Mumbai coastal road is completed, it will be the main axis that runs through downtown Mumbai.
The main driving force behind the Korean company's receipt of the project was its technological prowess that matched the high level of difficulty required for the project due to its proximity to urban centers and coastal areas. The company’s experience in port projects including Busan New Port, Masan Port, and Daesan Harbor, and bridge projects, including the Busan Harbor Bridge also received high marks.
HDC Hyundai Development is planning to actively explore quality architecture projects in India based on the acquisition of the infrastructure project. "We hope this project will provide us with a bridgehead for entering India's highly potential construction market," said a company official.