China’s CCTEB partners with Tulip Infratech
China’s leading construction firm CCTEB in partnership with realty company Tulip Infratech will develop infrastructure and real-estate projects in India as it sees huge opportunities in these sectors. Tulip Infratech and China Construction Third Engineering Bureau Co Ltd (CCTEB) will jointly bid and develop projects in the country and target an order book of about Rs 20,000 crore in the next 2-3 years. The two companies will form a consortium to bid for such projects. The joint venture is also in talks with local developers for housing project. CCTEB’S Chief Representative India Branch Cheng Chiming said the company’s global turnover stood at $22.5 billion in 2016, of which 90 per cent came from China and the rest from eight foreign countries where it is present. He said the company has already formed CCTEB India Pvt Ltd to enter the Indian market. Under the cooperation agreement, Tulip and CCTEB would work jointly and exploit their respective advantages of project planning, channel partner, fund raising, project investment, project management and construction and construction technologies.