Engineers India wins $139 million Nigerian contract
Engineers India Ltd (EIL) has won its largest ever overseas consultancy contract for a 20 million tonne oil refinery in Nigeria as it looks at markets abroad to more than double its revenue to $1 billion in the next 3-4 years.
The state-owned firm has won a $139 million contract from Nigerian company Dangote Group for providing project management consultancy (PMC) and engineering, procurement and construction management (EPCM) services for a refinery and polypropylene plant, EIL chairman and managing director A K Purwaha said.
Under the agreement, EIL will provide project PMC and EPCM services for implementing a grassroot 400,000 barrels per day (20 million tonnes) refinery and 600,000 tonnes a year polypropylene plant.
"We are looking more focusedly on overseas markets particularly in Middle-East, Africa and South East Asia," he said. "We are targeting 20 per cent of our revenues from overseas market."
The company, which reported a net profit of Rs. 628.58 crore on a turnover of Rs. 2,505.97 crore in 2012-13, is targeting more than double of the turnover to $1 billion.
"We are strong in refinery, petrochemicals, pipelines, upstream oil and gas projects and metallurgy. We are now looking at diversifying into nuclear energy, water and waste management and solar thermal projects," Mr Purwaha said.
EIL has already re-entered the fertilizer sector and is doing projects in Bangladesh, Indonesia and Nigeria.
"We are looking with interest in diversifying into high growth areas where we can provide high quality of engineering skills and knowledge," he said.
EIL, a leading engineering consultancy and EPC company, is celebrating its 50th Foundation Day on March 15 to commemorate five decades of operations.
"Set up in 1965 with the mandate of providing indigenous technology solutions across the hydrocarbon value chain, EIL has today blossomed into a world-class institution with a diverse portfolio of projects in hydrocarbon, petrochemicals, mining and metallurgy, fertiliser, power and infrastructure sectors," Mr Purwaha said.
Right from executing its first refinery project in Madras Refinery in 1967, EIL has its footprint in 19 of the 22 operating refineries in the country with a combined capacity of more than 150 million tonnes. EIL has also been involved in the establishment of 7 of the 8 mega petrochemical complexes in India.
"Today, EIL is the only 'Total Solutions' engineering consultancy company in India providing design, engineering, procurement, construction and integrated project management services from concept-to-commissioning," he added.