ARSS eyeing big orders from Posco, Orissa

"As of now, we are having an order-book of Rs 3,500- crore. We expect a more than Rs 2,000-crore order from Orissa by FY'10 and we are optimistic of getting a big order from Posco," ARSS' President and Chief Executive Officer Sunil Agarwal told reporters here today.
South Korean major Posco has inked a deal with the Orissa government to set up a Rs 54,000-crore steel plant in the state, the biggest FDI project in India.

"At the time we filed the prospectus, our order-book was Rs 2,877 crore. We have added another Rs 700 crore of orders and this is to be executed within 18-20 months," Agarwal said.

The Orissa-based construction company aims to end this fiscal with a turnover of Rs 1,050 crore and is aiming for a Rs 1,500 crore turnover in the next fiscal."We should attain a turnover of Rs 1,050 crore by end of March 2010 and our profit should be around Rs 100 crore," he said.Agarwal said the company has bid for Rs 5,500 crore of tenders.
"We expect to get the final results within the next two months (for our bids)," he said, adding, "Orissa will be our major business area in the future."

Shares of ARSS Infrastructure Projects today listed on the BSE at a premium of 42 per cent at Rs 711 against its issue price of Rs 450 per share.On the NSE, its stock opened 40 per cent up at Rs 630.The company had generated a robust demand on the final day of the offer with investors bidding for over 47 times the shares on offer.

The company had raised Rs 103 crore through its IPO. "The proceeds will be used for funding long-term working capital," Agarwal said.The company undertakes construction of railway infrastructure, roads, highways, bridges and irrigation projects.