India based infrastructure and real estate major Parsvnath Developers, has announced that it has clinched a joint venture (JV) pact with Spain's Constructora SAN JOSE.
Constructora SAN JOSE is an arm of Spain's leading infrastructure conglomerate Grupo SAN HOSE.

Accoding to the sources, under the conditions of the pact, Parsvnath Developers and SAN JOSE will hold equal equity in the joint venture known as The SANJOSE - Parsvnath Consortium.

The sources further revealed that the joint venture conglomerate will jointly undertake major construction contracts in the country which includes elevated highways, metro, the monorail and large construction orders. The company would carry out projects through floating project specific SPVs.

According to the company officials, the joint venture company has qualified to bid for forthcoming project to set up an elevated expressway at a contract value of 12.2 billion rupees in southern India.

Company officials further disclosed that the proposed contract entails construction, design, engineering, financing and operating the 19-kilometre expressway between the Chennai Port and Maduravoyal.

Scrip of Parsvnath Developers ended the day at Rs 38, down 5.01 percent on National Stock Exchange (NSE).The total volume of shares traded at NSE was 805,594.