GHV Infra LOI: €630m Cameroon tyre EPC, 36 months

The new LoI and why it matters

GHV Infra Projects has received a Letter of Intent (LoI) from Cameroon Tyres Factory Project SA for a large overseas EPC assignment in Cameroon. The proposed scope is engineering, procurement and construction for a greenfield tyre manufacturing plant. The plant is planned at Bekoko, Douala, in Cameroon’s Littoral Region. The LoI is significant because it is a high-value project and adds international execution visibility to a company that has also been active in domestic road and civil works. It also puts focus on GHV Infra’s ability to manage long-duration EPC delivery schedules across geographies.

The company has described the project as a greenfield tyre manufacturing plant with a planned capacity of 7.6 million tyres per annum. The contract is proposed on an LSTK basis, which typically implies a lump-sum, turnkey delivery structure. Such structures can concentrate execution responsibility and coordination with vendors on the EPC contractor. For investors tracking order inflows, the size and location of the project are the two immediate variables to watch.

Project location, capacity, and contracting structure

The tyre plant is planned at Bekoko, Douala, in the Littoral Region of Cameroon. Douala is a key commercial centre in the country, and the location detail helps frame logistics requirements for equipment and raw material movement during construction. GHV Infra has stated the plant’s manufacturing capacity as 7.6 million tyres per annum.

The company said the work is for EPC execution on an LSTK basis. Under EPC and turnkey structures, the contractor is expected to integrate design, procurement and construction schedules so that commissioning timelines can be met. While the LoI confirms intent and key commercial terms, markets typically look for subsequent steps such as final contract documentation and the formal “notice to proceed” before considering the execution clock to have started.

Deal value: €630 million, about ₹7,000 crore

GHV Infra said the consideration for the project is €630 million, which it indicated is equivalent to approximately ₹7,000 crore, excluding taxes. The company has not provided a separate split of the contract value across engineering, procurement, and construction components in the information available. It also did not detail financing, payment milestones, or whether any portion is linked to performance guarantees.

The “excluding taxes” qualifier is important for interpreting headline contract values against reported order book additions. It also sets expectations that the total cash flows over the project life could differ from the stated consideration depending on tax treatment and any change orders, though no such changes have been indicated at this stage.

Timeline: 36 months from notice to proceed

The completion period for the tyre plant EPC works is stated as thirty-six (36) months from the notice to proceed. This makes the project a multi-year execution effort rather than a short-cycle order. In such timelines, procurement scheduling and on-ground mobilisation can be material drivers of progress reporting.

A 36-month cycle also places emphasis on project management discipline, vendor coordination, and on-time delivery of critical equipment. From an investor standpoint, the cadence of milestones and any updates on mobilisation and procurement will be key operational datapoints once the project moves beyond the LoI stage.

Key project details at a glance

How this fits into a busy order flow

GHV Infra has been cited in multiple order-related updates across sectors and geographies. The company was reported to be in focus on April 16 after securing a ₹815 crore road construction contract in Maharashtra, with a 30-month timeline. It was also reported that on April 14 it bagged a ₹1,250 crore EPC contract from APCO Infratech for developing expressway connectors between Jalna and Nanded in Maharashtra, again with a 30-month execution period.

The same set of updates also mentioned an ₹840 crore EPC contract from Ductor Americas Inc. for a renewable natural gas (RNG) and fertilizer project in Versailles, Ohio. Separately, the provided information includes a ₹105 crore work order dated earlier (April 9), though the text is truncated and does not fully specify the awarding entity beyond “GHV (Ind”.

Other cited wins: solar, water, and riverbank works

Beyond roads and overseas EPC references, the text also lists additional project wins. It mentions a Letter of Award for a solar power project valued at ₹123 crore for supply and installation for 28.83 MWp grid-connected rooftop solar plants, intended to serve 14,416 SC and ST consumers, with the completion timeline truncated in the provided input. It also lists a ₹135 crore work order from MHK Buildcon LLP to construct a water storage pond and associated works in Haryana, with a 22-month completion timeline.

The same compilation includes a ₹62 crore riverbank protection project in Assam, described as a joint venture project awarded by the Water Resources Department Assam Water Centre, involving underwater and above-water riverbank protection works. These projects indicate a spread across civil works, renewables, and water-related infrastructure in addition to roads and overseas EPC assignments.

Order book and financial snapshot mentioned in the updates

A Telugu-language excerpt states that after the ₹1,250 crore Maharashtra EPC contract, the company’s order book jumped to about ₹11,400 crore (including GST), up from ₹9,300 crore. A Hindi-language excerpt also references a standalone order book of about ₹9,000 crore by the end of March 2026, before the new additions. These figures appear in different write-ups and are best read as reported snapshots around the period of contract announcements.

The same Telugu excerpt states that for 9M FY26 (nine months ended December 31, 2025), revenue from operations rose about 1,960% to ₹401.95 crore, while profit after tax (PAT) increased about 880% to ₹31.00 crore. The text frames this as reflecting strong operational execution during that period.

Market reaction and what investors tracked

One excerpt says that after the contract announcement, GHV Infra’s shares rose by 3% to ₹318.90, linking the move to investor confidence in project execution. Another line states that as of April 2026, the company’s market capitalisation was about ₹2,231 crore, and that it delivered a 336.84% return over the last one year as cited in the same write-up.

These references highlight how order wins and execution commentary have been driving attention. For a company with multiple project announcements, investors often track three practical variables: conversion from LoI to executable order, working capital cycles during execution, and periodic disclosures on order book, billing, and margins.

Market impact: what this LoI changes and what it does not

The Cameroon tyre plant LoI introduces a large, clearly quantified overseas project value of €630 million (about ₹7,000 crore) excluding taxes. It reinforces the narrative of an active deal pipeline across roads, civil works and select energy-linked projects. The stated 36-month completion period also implies that any revenue recognition, if and when it begins, would be spread over several reporting periods rather than concentrated in a single year.

At the same time, the LoI itself is not the same as a completed EPC contract, and the timeline is anchored to the “notice to proceed”. So the near-term market impact depends on the next formal steps and on how the company sequences resources across other ongoing projects such as the ₹815 crore and ₹1,250 crore Maharashtra jobs and the cited ₹840 crore Ohio project.

Timeline and comparable projects mentioned

What to watch next

The immediate milestone for the Cameroon project is the issuance of the notice to proceed, which anchors the 36-month clock. Investors will likely also look for clarity on execution phasing, procurement timelines, and any further disclosures that convert the LoI into a firm order.

Separately, with multiple projects cited across sectors and locations, monitoring periodic updates on order book, project mix, and financial performance remains important. The company’s subsequent announcements and quarterly disclosures should clarify how these awards translate into billing and execution progress over time.