Indian Real Estate

MUMBAI: Austria’s construction major, Ostu-Stettin Hoch Tiefbau is planning to enter the Indian construction market. The company is in the final stages of negotiations with the Mumbai-based Pratibha Industries to form a 50:50 joint venture. “The Austrian company is negotiating with us for a long-term JV, based on exclusivity for submitting proposals for tunnelling jobs related to water distribution, municipal sewage and water treatment plants. A final decision will be taken soon,” said a senior official of Pratibha Industries. Ostu-Stettin specialises in tunnelling technology. Pratibha Industries has been looking to form a partnership with foreign construction firms to strengthen its operational and technical capacities for projects. Construction activity in India is worth $50bn per annum and accounts for around 6% of Indian GDP. Pratibha Industries is an infrastructure company that derives revenues from projects relating to water supply and distribution system. It is also into road construction, housing, environment engineering and design and manufacture of pre-cast concrete structures