Simplex to construct Bhagirathi embankment

Kolkata, Jul 09 (UNI) Simplex Projects Limited, a leading construction company, will contruct embankments for Bhagirathi river in Malda and Murshidabad districts with the assistance of central funds worth Rs 1200 crore.

Speaking to mediapersons here today, company promoter B K Mundhra said the company has started a pilot project at a cost of Rs 7 crore.

''If the project is successful, we will take up the big project to prevent flood in the adjoining areas of Bhagirathi river,'' he said.

Meanwhile, Mr Mundhra announced that the company would go for IPO to raise money from the capital markets to fund its ongoing and future projects.

The IPO, which will open tomorrow, would close on July 13. The issue would be through 100 per cent book building process.

''The company will augment long term working capital acquire plant and machinery and invest in its subsidiary Simpark Infrastructure Pvt Ltd,'' he said.

The company's revenue was Rs 156,28 crore and Profit After Tax was Rs 13 crore in 2006-07.

UNI