BSEL Infrastructure Realty Ltd, a builder from India, is investing RM15 billion over 12 years in Iskandar Malaysia.
The Mumbai-listed company inked a memorandum of understanding with the Iskandar Regional Development Authority (IRDA) for several development projects, IRDA said in a statement yesterday.
It is IRDA's first collaboration with a company from India.
BSEL has developed and built hotels, hospitality projects, industrial parks, information technology parks and townships in both India and the United Arab Emirates.
"In Iskandar Malaysia we have found a new territory to display our development prowess, and we promise to deliver quality in our work," BSEL managing director Dharmendra Raichura said.
He added that the anticipated development plan, involving 70 million sq ft, will be completed in three phases.
The RM15 billion investment comprises RM2 billion in the first phase, followed by RM4 billion and RM9 billion in the last two phases.
In India, some of BSEL's best-known completed projects include the BSEL Tech Park Hilton Centre, Indian Institute of Technology and Kharghar Phase-1.
Its ongoing projects include the Rajiv Gandhi IT Habitat, six shopping malls in Nagpur, and a hotel and commercial development in Pune.
By New Straits Times
Monday, May 19, 2008
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