Amsterdam, September 13, 2017 – Kardan N.V. (‘Kardan’ or ‘the Company’), active in Real
Estate and Water Infrastructure in emerging markets announces that Tahal Consulting
Engineers Ltd.,(‘Tahal’), the Company’s (indirect) subsidiary, was awarded two Turn-key
water infrastructure design-build projects in the city of Nirsa in Jharkhand province, India,
for a total amount of approximately USD 76 million (EUR 64 million).
The two projects consist of survey and planning services, as well as the construction of water supply
and treatment systems for approximately 50,000 households in the north of Nirsa (the ‘First
Project’), and for approximately 77,000 households in the south of Nirsa (the ‘Second Project’).
Both projects include a first phase of planning and construction over a 36-month period, followed
by an operation and maintenance phase of an additional 5 years.
The total compensation for the First Project is approximately USD 27 million (EUR 23 million), of
which USD 7 million is related to the second phase. The total compensation for the Second Project
is approximately USD 49 million (EUR 41 million), of which USD 4 million is related to the second
phase. The payment terms are linked to agreed performance milestones throughout the duration of
The projects’ contracts are expected to be signed in the coming weeks, and both projects will
commence immediately thereafter.
This is the fifth project signed by Tahal in India, the third in Jharkhand province, which brings the
total new orders of Tahal in India in the last two years to about USD 170 million (EUR 142 million).
Kardan identifies and develops assets in promising emerging markets, mainly in Asia
(predominantly China), Africa and selected CEE and CIS countries. Its activities are mainly focused
on two sectors that benefit from the rising middle class: Real Estate and Water Infrastructure.
Company headquarters are in the Netherlands. Kardan aims at holding controlling interests in its
investments and is actively involved in the definition and implementation of their strategy through
its local business platforms. Total assets as of June 30, 2017 amounted to € 637 million; revenues
totaled € 4.3 million in the first six months of 2017. Kardan is listed on Euronext Amsterdam and the
Tel Aviv Stock Exchange.
For further information please contact:
Floor van Maaren / Eva Lindner
+31 (0)6 2959 7746 / +31 (0) 6 3422 2831