Ircon International is scouting for more projects to build its international portfolio as the construction firm's foreign business was affected by the pandemic and other issues, a top company official has said.
The company is looking forward to secure foreign projects through line of credit/other project funding arrangements of EXIM Bank of India and projects funded through a multilateral funding agency.
"Due to COVID-19 and other issues our foreign business has not grown to that extent. We are trying to build on our strength in some countries where we have a presence.
"Like we are working in Sri Lanka, Bangladesh, Malaysia... We are working in Nepal, Myanmar," Ircon International Ltd Chairman and Managing Director Yogesh Kumar told PTI.
Stating that the company had large plans for Sri Lanka, he said that there was a need to focus on other countries as well.
The company which is basically into construction business is also planning to go into engineering, procurement and construction contracts in railways which are going to come up in a big way.
Ircon International has a fairly big portfolio of projects in highways. The company collects a toll of almost Rs 1 crore a day.
The company has two hybrid annuity mode (HAM) projects which it has completed and there are four more under execution at present. "We plan to take up more projects in these areas within the country," he said.
Ircon International Ltd is a miniratna public sector enterprise and a leading turnkey construction company. The company is in railways, highways and extra high tension substation engineering and construction.
It has executed projects in areas of railway construction including electrification, tunneling, signal and telecommunication as well as leasing of locos, construction of roads, highways, and mass rapid transit system among others.
IRCON has operations in several states in India and other countries such as -- Malaysia, Nepal, Bangladesh, South Africa, Algeria, Myanmar and Sri Lanka.
It has completed more than 128 projects in 25 countries across the globe and 395 projects in various states across India.