Mumbai, May 19 (UNI) BSEL Infrastructure Realty Limited today announced its plan to invest Rs 18,000 crore in an infrastructure development project in Malaysia.
BSEL Infra has signed a Memorandum of Understanding (MoU) with Malaysia's statutory body, Iskandar Regional development Authority (IRDA). Under the tie-up, the Company would invest the amount over a period of twelve years in three phases of four years each. Capital infusion of Rs 2,500 crore will be made in the first phase of execution, the company said in a release here today.
As per the MoU, the Company will invest in two economic zones in Iskandar of peninsular Malaysia, for which IRDA will help in seeking approval and permission from various authorities for facilitating development process in the country, BSEL infra Managing Director Dharmendra Raichura said.
He also claimed that the collaboration between IRDA and BSEL was the first collaboration of an Indian company with Iskandar.
UNI PP RN SKB1632