Afcons Infrastructure Ltd., the infrastructure arm of Shapoorji Pallonji Group, has made a grand foray into the offshore oil & gas segment. A joint venture of Afcons - Gunanusa (an Indonesian company) has bagged the job of offshore platform for ONGC at a value of US$366mn. The project is expected to be completed by April 2011. Afcons is also in the process of establishing an Oil & Gas Fabrication Yard at Mahuva in Gujarat .

The scope of work includes setting up the ICP-R Process Platform with a bridge connected to ICG existing complex, a flare tripod, laying 1.2 km of submarine pipelines and modification / integration with the ICP and ICG platforms.

"Afcons Infrastructure Ltd. closed the year ended March ‘09 with a top line of Rs. 2,250 crore and a PBT in excess of Rs. 85 crore, which is a good growth in the current environment," said K. Subrahmanian, Managing Director, Afcons.

"By bagging a prestigious ONGC offshore oil and gas contract, Afcons has made a significant entry into the offshore business, which has been the domain of overseas players with limited participation from Indian companies. With ONGC slated to invest nearly US$60bn in the next five years, Afcons will make a significant bid into a lucrative business opportunity in the offshore business," he added.