BUSINESS

Keangnam wins bid for W49.7b project in Sri Lanka

By Korea Herald
  • Published : Jun 12, 2013 - 20:54
  • Updated : Jun 12, 2013 - 20:54
Korean construction company Keangnam Enterprises, Ltd. won a highway development project from Sri Lanka worth 49.7 billion won ($43.9 million).

The builder announced Wednesday that it had received the order from the Road Development Authority to develop four highway routes in central Sri Lanka ― two highways connecting Katugastota, Alawathugoda and Palapathwela, and the other two routes bridging Maliban Junction and Cross Junction 15 kilometers south of Colombo.

The construction is funded by the World Bank and the Saudi Fund for Development.

The company is expected to receive 7.8 billion won, or 16 percent of the payment, prior to taking on the project.

The total distance of 44.9 kilometers will take about a year to finish, the company said.

Since 1978, the firm has been engaged in 45 infrastructure projects in Sri Lanka, earning about 10 billion won from them to date.

“Our next plan is to win more deals from other countries, including Vietnam, Algeria, Ethiopia and Middle Eastern countries,” said a company official.

(bjkwon@heraldcorp.com)