CIMIC Group (ASX:CIM) companies, UGL and CPB Contractors have been selected by Taswater as the preferred contractors to deliver water and wastewater infrastructure, and, major regional water projects in Tasmania.
The joint venture is expected to generate more than $600 million in revenue to CIMIC Group over an initial four-year period.
UGL, CPB and Taswater intend to form an alliance to deliver infrastructure, planning, project development and delivery of all capital works across Taswater's regional asset network in Tasmania.
CIMIC says the combination of UGL's expertise in the water sector and CPB contractors experience in major project design and construction positions it strongly to partner with Taswater to deliver world class infrastructure.
Shares in CIMIC Group (ASX:CIM) are trading 3.04 per cent higher to $40.99