ICA Buys More Roads

Mexico’s ICA has taken a 50% stake in an approximately MXP5.2bn highway project in central Mexico through acquiring 50% of Viabilis Infraestructura, which won the project in November 2004. The Rio de los Remedios-Ecatepec project in Mexico State is expected to take 34 months to complete, ending in the fourth quarter of 2010. It includes a 25.5km. ICA says Viabilis is negotiating financing for the project with Spain’s Ahorro Corporacion Financiera, which would be complemented with capital contributions from ICA and other Viabilis investors. ICA shareholders recently approved a $550 million capital increase to be made over the next 12 months, with the money to be used for financing projects. ICA has won a number of high profile projects recently, most notably the first FARAC deal. It was also awarded the La Yesca hydro project.