India Cements Infrastructure, the newly formed wholly-owned subsidiary of cement major India Cements (ICL), will focus on water and road related projects, company sources said.
ICL set up the subsidiary during Jan-Mar 2013 quarter to carry out various infrastructure projects in the country. The company secured orders worth Rs 120 crore.
The order book includes a contract to set up pipeline for a water drainage project in Kerala. This is said to be the first project of the firm. The company has not bid for any project directly, since it has not qualified on its own for now.
Earlier, the company was reportedly considering various options including construction works and other infrastructure projects like hydel power project and road construction.
In July, 2011, the firm sought the approval of its share holders enable it to explore, execute and manage all types of construction and development works including roads, highways, expressways, subways, harbours, rail, metro systems, inland container depots, power projects and airports among several other projects.
It wanted share holders' nod for including a subclause to its objects clause of the Memorandum of Association of the Company for foraying into the above operations.