Monday May 19, 2008
RM15bil from India
PETALING JAYA: 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 RM15bil 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 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 of RM15bil would be in three phases, each about four years apart. The first phase would be RM2bil, followed by RM4bil and RM9bil.
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.
“In Iskandar, we have found a new territory to display our development prowess and we promise to deliver quality in our work,” he said.
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.
“On our part, IRDA will endeavour to assist and facilitate BSEL in their investments within Iskandar Malaysia and obtain the necessary approvals and incentives from the authorities,” he said.
“And I am personally committed to ensure that investors to Iskandar, such as BSEL, get the full support of IRDA.”
This announcement comes a day after former prime minister Tun Dr Mahathir Mohamad slammed Iskandar Malaysia, saying it was a platform for Singapore to expand its sovereignty.
He had said Malay land would be sold to Singaporeans for 10 times its worth and that in the end not many Malays would live in Iskandar Malaysia.
He also condemned the move to allow American oil and gas company Halliburton to set up a RM200mil manufacturing plant in the development region.
He said more than a million Iraqis had died when the United States invaded Iraq and firms such as Halliburton had benefited from the American control of oil flow in West Asia.
He added that the Government should not allow such companies to channel their alleged ill-gotten profits to Malaysia.
Ikmal had earlier said that since Iskandar Malaysia was launched in late 2006 it had received investments from the Middle East totalling RM4.1bil so far, with Kuwait as one of the serious investors.
He added that Iskandar Malaysia’s target was to get RM47bil in investments by 2010 and it already had RM32.7bil committed and hence had already met 70% of its target.
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