Mumbai, Oct 23 : Kalindee Rail Nirman (KRN) is likely to tie up with a German company to raise the necessary funds to bid for a few sections of the railways. The bids are likely to come up and the work is to be done on BOLT (Build, Operate, Lease and Transfer) basis, KRN chairman and managing director RD Sharma said.The company is set to sign an agreement with the German company in the second week of November, Mr Sharma added.
The company is also the lowest bidder for the train management system and the bid, if awarded, will add Rs 62 crore to the company's turnover. Work will be completed over a period of two years, Mr Sharma told The Financial Express at the inauguration of the new Wadala Railway Yard.
The contract, worth Rs 21 crore for the remodelling and upgradation of the Wadala Yard in Mumbai was bagged by the company from the Mumbai Port Trust amidst global competition. The company currently has orders worth over Rs 35 crore on hand and is expected to post a turnover of Rs 40 crore for the year ending March 2001, he said. The company had posted a turnover of Rs 35 crore last year.
The company plans to make its maiden dividend announcement this year, Mr Sharma said. It has been consistently posting a marginal increase in turnover for the past few years, but has been unable to pay dividends on account of a thin bottomline, he added.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.