Vizag, 24th March 2008: IL&FS Engineering and Construction Company Limited and Nagarjuna Construction Company Limited, two of India’s leading Construction and Infrastructure Companies, today announced that they have together entered into a partnership with Paschal-Werk G.Maier GmbH, which is one of the World’s leading Formwork (shuttering) Companies from Germany, to establish a factory in Vizag which will manufacture Formwork (Modular Shuttering Systems). The announcement was made at the ground breaking ceremony of the factory which was attended by the five proposed Directors of the new Company which included Mrs. Barbara R. Vetter (sole owner of Paschal-Werk G. Maier GmbH), Mr. Udo Vetter and Mr. M. Volz from Germany. Mr. V. Radha Krishna from NCC and Mr. Sudeer Mareddi from Maytas represented the other two Indian partners along with Mr. A.R. Raju, Managing Director, NCCL and Mr. Teja Raju, Vice Chairman, Maytas Infra.

All three companies have come together to form a new company under the name of Paschal Form Work (India) Pvt. Limited where in Paschal-Werk G.Maier GmbH will have a 70% stake with IL&FS Engineering and Construction Company Limited and Nagarjuna Construction Company Limited will have a stake of 15% each. The Formwork (Modular shuttering system) produced here will help in bringing a systematic approach in the construction industry and will make work at building sites much easier, economical, safe and advanced.

Benefits to the Industry
The factory which is being established on an area of 20 acres at Bayyavaram Village, near Anakapalle, Visakhapatnam, A.P. India, will initially produce the Formwork for the Indian market with a view to eventual export. The initial investment in the initiative is around Rs. 100 crores*. The factory has a capacity of producing in excess of 5 lakh sq. ft. of Formwork per year. It is expected to start the production by the end of this year and will produce Formwork systems for all vertical and horizontal concrete construction. Special applications such as climbing and single sided formwork will also be produced.

With this Factory, the construction industry is going to benefit immensely and will result in mitigation of the labour shortage and speeding up construction activities by 100% with a good quality finish. With the introduction of Modular Shuttering Systems produced by Paschal Form Work (India) Pvt. Ltd., one can reduce manpower, time, and also improve the quality of structures. The Modular Shuttering Systems produced can be used and reused between 150 – 300 times. Paschal have clients globally who are still using these products even after 20 years.

The benefits of the partnership is not only restricted to the manufacturing of Formwork but will impact the construction industry nation wide, as there are plans to set up depots and training centers which will train people in the use of the Paschal Technology and Formwork. This will help the workers and the industry to move up at a faster pace with the use of this new technology and innovation. The factory at Vizag will be supported by a sister company viz., Paschal Technology (India) Pvt. Limited in the matters relating to technology, design, marketing and sales, situated in Hyderabad.

* Including working capital

Mrs. Barbara R. Vetter, sole owner of Paschal-Werk G. Maier GmbH, said, “Your success is our pleasure - quality links - these are the slogans and guidelines of PASCHAL to render various kinds of concrete form to the Indian construction market. PASCHAL is convinced to match the output of the proposed new factory with the needs of the construction industry for the right concrete forming technology together with Maytas Infra and NCC.”

Commenting on the association, Mr. PK Madhav, CEO, Maytas Infra said, “This is a pioneering step in the construction industry and we at Maytas Infra are happy to be partnering with an expert like Paschal for the initiative. The market and requirement for Formwork in India is huge and with this Factory we are hoping to take the Indian construction industry to the next level.”

Mr. V Radha Krishna, Associate Director, NCC said, “It is the first time in India that Modular Shuttering Systems will be produced and with Paschal’s advanced technology and proven expertise in this area we will not only impact the construction industry in urban areas but also help in speeding up the development in the rural areas.”

About Maytas Infra
IL&FS Engineering and Construction Company Limited, Hyderabad-based infrastructure development Company is one of the leading Infrastructure Development, Construction and Project Management Companies in India with more than two decades of rich and varied experience in executing projects under various domains such as Buildings & Structures, Transportation, Water, Energy and BOT. Maytas Infra currently employs 2130 professionals. Maytas Infra is an ISO 9001 - 2000 certified Company, committed to the highest standards of quality. IL&FS Engineering and Construction Company Limited bagged the ‘Fastest Growing Construction Companies in India’ award in 2007 by Construction World and National Institute of Construction Management & Research (NICMAR).

About NCC
NCC, an ISO 9001-2000 Certified Company is a vision seen in exemplary clarity by Dr. AVS Raju, architect, planner and builder close to three decades ago. It has a turnover of Rs. 29 billion as on 31st March 2007 with an order book crossing Rs. 97 billion as on 31st December 2007 and growing at a compounded annual growth rate of 45% for the past five years. NCC’s human resource is now more than 3500 and growing day by day. NCC’s range of business verticals comprising of Buildings & Housing, Transportation, Water & Environment, Irrigation, Power, Electricals, Metals, Oil & Gas and International business reflect an expertise positioned to capture every infrastructure upturn. NCC is rated as the Second Largest Construction Company in terms of turnover for the year 2007 by the Construction World – NICMAR.

About Paschal-Werk G.Maier GmbH
Mr. Josef Maier’s vision in the early 1960’s was to bring Modular technology to the formwork industry in Germany (then World wide) so as to benefit the construction industry at that time. The name Paschal stands for Patent Formwork (PAtente SCHALung) thus signaling what this equipment means to the construction industry as a whole. The Paschal Group headed by Mrs. Barbara R. Vetter employs over 350 staff world wide with five major branches in Germany. A close knit network of trading partners guarantee proximity to customers. Paschal-Werk G.Maier GmbH has company branches and representation in over forty countries World wide and is still expanding. Paschal-Werk G.Maier GmbH is a DIN EN ISO 9001-2000 certified company.