Calcutta, Feb. 13: Afcon Infrastructure Ltd, a Shapoorji Pallonji Group company, is considering acquisitions and joint ventures with overseas firms.

Afcon managing director K. Subrahmaniam said an acquisition or a joint venture was being considered that would be a strategic fit in its existing business.

The company is raising resources for the purpose through an initial public offering (IPO), which will hit the market next month.

“We are exploring possibilities in the pipeline and offshore business in the oil and gas sector,” Subrahmaniam said.

Even as Afcon is one of the well-known player in marine engineering (port-related infrastructure), it is not present in the pipeline laying work (offshore and onshore).

With big gas discoveries in the Bay of Bengal, many cross-country and under-sea pipelines will be built in next five years.

There are very few Indian companies with the expertise to carry out these jobs. Since they are large companies, Afcon would have to scout for overseas companies/partner.

At present, marine work, speciality bridges — it is building the highest rail bridge in the world over Chenab in Jammu & Kashmir — and tunnel works form the bulk of Afcon’s business.

S. Paramasivan, executive director (finance and commercial) of Afcon, said the order book position of the company was Rs 3,030 crore.

With the financial backing of the Shapoorji group, the company now wants to take up bigger challenges.