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DLF Holdings in JV to collaborate on marine engineering contract
DLF Holdings, a mechanical and electrical engineering services firm, has entered into a joint venture (JV) agreement with Prosper Environmental & Engineering (PEE) to collaborate on a work order through a JV company. The work order was awarded to PEE on July 2, 2018 by a leading player in the marine engineering industry in relation to the complete fabrication, erection and installation of all structural and associated steelwork for building the living quarters of a marine admiralty yard, said DLF.
Completion of the work order is expected to take place by July 17, 2019. The JV company, called DLF Prosper Venture, will be the project coordinator overseeing the overall management of PEE's performance of the contract works, while PEE will continue as the contractor. DLF will also provide the funding and working capital requirements for the company.
PEE has agreed to pay DLF 80 per cent of the profit earned from the work order between the period commencing July 2, 2018 and ending on the date of the entry into the JV agreement. DLF will take 80 per cent of the profit earned from the work order on or after the date of the agreement, while PEE will take 20 per cent.