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Carlos Slim’s Cicsa eyes expansion by teaming up with Spain’s FCC

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Carlos Slim’s Cicsa eyes expansion by teaming up with Spain’s FCC

Carso Infraestructura y Construcción (Cicsa), the infrastructure arm of Mexican billionaire Carlos Slim’s Grupo Carso, plans to expand to the rest of Latin America together with Spain’s FCC.

Slim is the majority shareholder of FCC. 

The companies will bid in the region’s tenders as equal partners due to lack of new public works in Mexico, according to Carso’s Q2 results report. 

“Amidst the sharp reduction in public projects, we have sought to diversify the businesses through new projects in South America with FCC, specifically highways in Panama and Nicaragua,” it said. 

Besides Europe, FCC is present in Australia, Canada, the US, and in Latin America the footprint consists of Brazil, Chile, Costa Rica, Panama and Peru. 

In the Mexican market, Cicsa will continue with its focus on projects in the water, construction, hydrocarbons, industrial, infrastructure and telecommunication sectors.

Cicsa is among Mexico’s biggest builders and under the administration of President Andrés Manuel López Obrador it has benefited from several large contracts, including the 18.6bn-peso (US$771mn) second section of the Maya train that runs from Escárcega to Calkiní in Campeche state. It won the 235km project together with FCC back in 2020. 

Cicsa recently made an offer of 2.8bn pesos to build an offshore platform off Campeche Bay for Mexico’s national oil company Pemex.

The domestic portfolio also includes projects such as the US$524mn Mitla-Tehuantepec toll route, a 169km road linking the Oaxaca valley with the Tehuantepec isthmus, and the Las Varas-Puerto Vallarta highway

Fueled by the buildings segment, Cicsa’s sales jumped 21.5% year-on-year in the second quarter to 11.6bn pesos. The net profit rose from 502mn to 716mn in the same comparison.

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