Mumbai: HCC Infrastructure, a wholly-owned subsidiary of Hindustan Construction Company, has signed a Memorandum of Understanding, with Orascom Construction Industries, a construction contractor based in Egypt.

The objective of the MoU is to enable the partners to jointly bid and develop large National Highways Authority of India projects. HCC Infra and Orascom will also explore a broader scope of partnership, with the intent of jointly creating a premium portfolio of infrastructure assets across different sectors in India, the company said.

Mr Ajit Gulabchand, Chairman and Managing Director, HCC, said, “The Government has enhanced the pace of development of world-class infrastructure and has chosen Public Private Partnership as the main tool to implement this. To participate in the programme, HCC has chosen to partner OCI, a company in which we find a wealth of expertise and commitment, to create quality infrastructure.”

Mr Nassef Sawiris, Chief Executive Officer and Chairman of Orascom, said the joint venture will yield significant synergies for both groups, and the company looked forward to exploring further opportunities with its partner.