Singapore-based Universal to invest $17.5 bn in India (Lead)

January 12th, 2009 - 8:21 pm ICT by IANS  

New Delhi, Jan 12 (IANS) Singapore-based Universal Success Enterprises Ltd (USEL) Monday said it has signed three pacts with the Gujarat government to invest Rs.87,000 crore (Rs.870 billion/$17.5 billion) in infrastructure projects.The agreements were signed during the ongoing “Vibrant Gujarat Global Investors’ Summit 2009” in Ahmedabad and the investment would be made over a period of 10 years, a company statement said.

USEL, a diversified group with interest in infrastructure development, real estate, energy trading, hospitality and manufacturing, has identified thermal power generation, seaports and mixed-use industrial and urban development as focus areas in India.

USEL, which is in the process of setting up a thermal power plant in Gujarat, plans to generate employment for more than 50,000 people.

“USEL’s expertise lies in developing large scale infrastructure projects and we would partner with the world’s best infrastructure consultants to maintain high standards and meet the set time lines for execution,” said its chairman Prasoon Mukherjee.

In addition, the Singapore-based firm also said it will also set up a 10,000 MW thermal power plant with an investment of Rs.50,000 crore (Rs.500 billion).

The project would use imported coal from group owned captive mines as fuel and will have dedicated port terminals for import of the coal, the company said.

For ports, the company will invest Rs.7,000 crore (Rs.70 billion) and also involve the development of related infrastructure for bulk cargo handling for power plants.

It will be gradually upgraded to a commercial port for handling all kinds of cargo.

The company’s mix-use industrial and urban infrastructure development will come up at Dholera near Ahmedabad and constructed on an initial area of 5,000 acres with an investment of about Rs.30,000 crore (Rs.300 billion).

This project aims to generate a huge employment opportunity which would be close to creating 50,000 jobs in Gujarat, the company said.

Universal entered India in 2003 and started its operations with the development of a 130-km express highway and a 3.5-km bridge across Hooghly river connecting Kolkata with Haldia.

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