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Turn Key Projects

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Turn Key Projects

A Turnkey project is a delivery method in which a contractor works with a project owner under a single contract to complete all project stages from detail engineering through construction. Turnkey projects can eliminate inconveniences for the project owner by placing responsibilities on the contractor that would otherwise fall on the owner in a traditional design-bid-build (DBB) delivery. 

Benefits of Turnkey projects

Also spelt as turn-key, such projects are mutually beneficial for the firm that develops them and the player that eventually takes control of such projects. Some of the major benefits of turnkey projects are listed below:

  • Cost saving

    A company hires firms that are willing to make projects at a cost mentioned in the contract.

  • Time saving

    As there is no need for companies to waste their time and energy on developing a facility, they get time to grow their own businesses.

  • Hassle-free

    As someone is dedicating time and energy to build the facility, the main operator is free from all sorts of legal and technical challenges, an inherent feature of the project development, especially in a country like India.

  • Access to expert knowledge and technical know-how

    A company running a textile business may not be an expert in building and operating a textile manufacturing unit. So, turnkey projects offer them a chance to hire experts in the concerned field.