Kuala Lumpur, May 19 : An Indian conglomerate is the latest investor to pump money into the Iskandar Malaysia project in Johor.
The company, BSEL Infrastructure Realty Ltd (BSEL), has pledged to invest RM 15 billion over 12 years in several projects in the region.
According to The Star, BSEL signed a memorandum of understanding with the Iskandar Regional Development Authority (IRDA), whereby IRDA would help BSEL seek approvals from various authorities to facilitate its development process.
BSEL managing director Dharmendra Raichura said in a statement released by IRDA that the investment would be in three phases, each about four years apart. The first phase would be RM 2 billion, followed by RM 4 billion and RM 9 billion.
He also said the anticipated development plan of 70 million square feet (650 hectares) would be completed in three phases with 10 million square feet (93 hectares) in the first year and doubling in every subsequent phase.
BSEL is listed in the Mumbai stock exchange and the National Stock Exchange of India with investments in hospitality, hotels, information technology parks and townships in India and the United Arab Emirates.
It also invests in commercial space and retail and shopping mall projects. Its completed landmark projects in India include the BSEL Tech Park Hilton Centre, IIP and Kharghar Phase-I.
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.