BSEL inks deal to invest over $4 bn in Malaysia

May 19th, 2008 - 6:40 pm ICT by admin  

Mumbai, May 19 (IANS) BSEL Infrastructure Realty Ltd has signed a memorandum of understanding (MoU) with Iskandar Regional Development Authority (IRDA) to invest $4.63 billion in several development projects in Malaysia. The investments in Iskandar in Malaysia would be spread over 12 years, the company said in a statement released here Monday. BSEL has collaborated with IRDA to make Iskandar southern Malaysia’s most developed region.

Dharmendra Raichura, managing director of BSEL, said, “In Iskandar, we have found a new territory to display our development prowess and we promise to deliver quality in our work.”

According to the agreement, development plan of 70 million square feet by the company would be completed in three phases, with 10 million square feet in the first year and doubling it in every subsequent phase.

“Out of the total five economic zones to be developed in Iskandar, Malaysia, BSEL has pledged to invest in two zones,” he said.

IRDA chief executive officer Dato Ikmal Hijaz Hashim said the agreement was significant as it was the first collaboration with an Indian company in Iskandar.

“And I am personally committed to ensure that investors in Iskandar, such as BSEL, get the full support of IRDA,” he added.

BSEL is a Navi Mumbai based company currently engaged in hospitality, hotels, IT parks, townships, commercial space, retail and shopping mall projects in India and United Arab Emirates (UAE).

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |