Posco Engineering & Construction India, a wholly owned subsidiary of Posco E&C Co Ltd, Korea today said it has signed a memorandum of understanding (MoU) with PNC Infratech Ltd to jointly develop and execute infrastructure projects in India and neighbouring countries.
PNC Infratech is engaged in construction of highways, runways, bridges, flyovers, power transmission lines, development of industrial estates.
Posco E&C and PNC Infratech will pitch for infrastructure projects with a special focus on dedicated rail freight corridors, high speed rail networks, personal rapid transport systems, smart cities, integrated townships, development of industrial regions and other core infrastructure projects, a company statement said.
"We are delighted to partner with PNC Infratech for pursuing infrastructure projects in various key areas. The proven capabilities of our two companies would give us an edge in bidding for major infrastructure projects in India and neighbouring countries," Posco Engineering & Construction India Chairman In Hwan Ok said.
Yogesh Jain, MD, PNC Infratech Ltd said, "We have executed several infrastructure projects over the past two decades. This partnership would enable us to bid for larger projects in several key areas, where Posco E&C would bring in world-class expertise."
Huge investments are expected to be made in infrastructure development in the country in the years ahead, and the vast experience of Posco E&C along with the local knowledge and skills of PNC Infratech, would give this alliance a strong competitive edge, Jain said.