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Tulip Infratech forays into infra space with China Construction
The Hindu Business Line  |  December 7, 2017

BL Bureau New Delhi

In a move to broaden its presence, real estate company Tulip Infratech has announced its entry into infrastructure development. On Wednesday, the Gurugram-based company signed a joint venture agreement with CCTEB (China Construction Third Engineering Bureau) to develop strategic infrastructure in India.

 

Praveen Jain, CMD, Tulip Infratech, said the company had been in talks with the Chinese conglomerate for a long time, and was waiting for the right time to enter the market.

 

“We are determined to provide superior quality development and maintain consistency in our work. Teaming up with China Construction is not only to build, but also to maintain infrastructure projects as the company has rich expertise in this area,” he added.

 

First overseas tie-up

 

This is Tulip Infratech’s first collaboration with a foreign company.

 

Cheng Chiming, Chief Representative, India branch of CCTEB, said: “We have 12 years experience of working overseas, and what we have learnt is that if you have to succeed in the local market, you need to have a reliable local partner. After the talks, we realised that Tulip had real sincerity.”

 

To begin with, Tulip will focus on three areas— infrastructure, affordable housing and high-rise buildings.

 

“The Tulip group can bring full understanding of the Indian market, and will help with the expertise in the infrastructure department and machinery,” said Jain.