- HDC Hyundai Development Company strikes the right balance in global projects between architecture and infrastructure by winning another global project after BSMMU Hospital in Bangladesh
- The company expands global business based on a review of business value with internal stability
On September 28, HDC Hyundai Development Company won the project for constructing the 2nd section of southern coastal road in Mumbai, India worth $300 million (KRW 330 billion). The company participates as a joint venture with Indian construction company HCC with a 45% share (KRW 150 billion). This is the second global project won this year after BSMMU Hospital in Bangladesh in May, indicating that the company now has struck the right balance in global projects ranging between architecture and infrastructure. Moreover, this has significance for expanding the territory by winning a global infrastructure project three years after the last one in 2015 for the Hung Ha Bridge in Vietnam, after the Banegas Bridge in Bolivia in 2014.
The construction will be carried out in the form of Build & Design ordered by the Municipal Corporation of Greater Mumbai (MCGM), India. The site is located to the south of Bandra-Worli Sea Link in Mumbai, and it is a coastal road project which involves constructing a 0.9km bridge in the total extended section of 2.75km, interchange, 3.2km approach lamp, 1.9km sea bank, and 250-thousand ㎡ site. The construction period is 48 months from October 2018 to September 2022, and when completed, the road will be connected from Bandra-Worli Sea Link to Bandra Palace. Once the 14.2km coastal road in Mumbai is completed, it will be the central corridor that crosses the coast around the urban center of Mumbai.
The driving force that led HDC Hyundai Development Company to win the project in the competition with India’s leading construction company L&T and China’s CGGC (China Gezhouba Group Company) was its technological skills which were perfectly suited for the local conditions with high difficulty due to the urban center’s proximity to the coast. First, the company secured the construction period through marine transportation using the jetty (wharf equipment) to reclaim the coastal section of the urban center. For the bridge, the company plans to ensure stability and durability even in the oceanic climate by using the PSM (Precast Span Method) in which the segments (bridge superstructures) are manufactured by the plant in advance and assembled on site. In addition, HDC Hyundai Development Company was highly rated for its multiple harbor construction projects such as Busan New Port, Masan Port and Daesan Port as well as its experiences in constructing coastal roads in urban centers such as Busan Harbor Bridge.
Meanwhile, HDC Hyundai Development Company is stably carrying out high-risk global projects in the global market. Last year, the company successfully completed the Banegas Bridge in Bolivia in September, and is also stably carrying out the project for Hung Ha Bridge in Vietnam. Moreover, it plans to actively develop high-quality architectural projects in India based on winning this infrastructure project.
“Winning this project is a noteworthy achievement that will act as a bridgehead for the Indian construction market possessing high potential,” said an official from HDC Hyundai Development Company. “We will continue to win more global projects with internal stability based on our solid financial structure and differentiated competitiveness in business analysis, and expand to global projects thanks to our competencies as an experienced developer in Korea.”
Winning this project is regarded as a significant achievement as it is the first time to actually produce results in the private sector after discussing cooperative economic plans between the two countries at the Korea-India Summit.