Kuala Lumpur: BSEL Infrastructure Realty Ltd, a Bombay Stock Exchange listed conglomerate, is to invest 15 billion ringit (over USD $billion) in Malaysia’s ambitious Iskandar economic zone project in Johor state.
The company is to invest the amount over 12 years in several projects in the region.
BSEL signed a memorandum of understanding with the Iskandar Regional Development Authority (IRDA), whereby IRDA would help the company seek approvals from various authorities to facilitate its development process.
In the first phase, investment would be two billion ringit followed by four billion ringit and then 9 billion ringit, BSEL Managing Director Dharmendra Raichura said in a statement.
“In Iskandar, we have found a new territory to display our development prowess and we promise to deliver quality in our work,” he noted.
BSEL is listed at the BSE and the National Stock Exchange of India with investments in hospitality, hotels, information technology parks and townships in India and the United Arab Emirates.
Some of its on-going projects are the Rajiv Gandhi IT Habitat, Goa, the Dubai Project in Ajman, six shopping malls in Nagpur and a hotel and commercial project in Pune.
IRDA chief executive officer Datuk Ikmal Hijaz Hashim said the collaboration between IRDA and BSEL was significant as it was the first with an Indian company in Iskandar.