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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (3883)	3/10/1999 9:51:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Jacobs Engineering (USA) wins 3 infrastructure projects in India. - Wednesday March 10, 9:12 am Eastern Time Jacobss Sverdrup wins 3 contracts in India NEW YORK, March 10 (Reuters) - Engineering and construction company Jacobs Engineering Group Inc. said Wednesday its newly-acquired Sverdrup Civil unit won three contracts for infrastructure development projects in India. Officials at the California-based company were not immediately available to set a price tag on the deal. Sverdrup, which merged with Jacobs in a $200 million cash deal in December, will expand one of India's national highways to four lanes from two between Rajkot and Khaga. Indian officials have estimated construction costs of $200 million, according to Jacobs. With the Worli-Bandra Sea Link, Sverdrup will create a bridge crossing Mahim Bay at Mumbai as a traffic outlet to the suburbs for fast-moving vehicles. Construction costs on the 3.5 3.5-kilometer-long (2.175 miles) toll bridge will be about $120 million. On the last project, Jacob's subsidiary will make improvements to 1,200 km of state roads in Madhya Pradesh including widening the roads to either two or four lanes from 1.5 lanes and strengthening them to handle more traffic. ''India's infrastructure needs are significant, and we're pleased to be chosen for these projects that are an important part of the efforts to address those needs,'' said Suresh Malik, vice president of Sverdrup's transportation market development in India. In December, Jacobs and then closely-held Sverdrup Corp. agreed to merge in a deal that may require Jacobs to pay an additional $30 million over the next three years if its stock price moves above certain targets. The Sverdrup subsidiary said last month that it won contracts worth $240 million for design, construction and management services in public schools in California, Florida and Illinois. Shares of Jacob closed Tuesday at 36-13/16, above the 52-week low of 25-1/8 but off the high of 42-3/4 that was hit in January.