BSEL Infra to invest Rs 18,000 cr in Malaysia
PM Research Bureau
Navi Mumbai-headquartered BSEL Infrastructure Realty Ltd has
signed a memorandum of understanding with Iskandar Regional Development
Authority, a Malaysian government statutory body, to invest Rs 18,000 crore in
the Iskandar region over a period of 12 years. As per the MoU, IRDA will assist
BSEL in securing approvals from various authorities to facilitate the
The investment of Rs 18,000 crore committed by BSEL will be disbursed in three
phases in intervals of four years. Investment in phase-I will be Rs 2,500 crore.
Malaysia has planned to develop five economic zones at Iskandar, and BSEL has
committed to invest in two of them. This collaboration is understood to be the
first with an Indian company for development projects in Iskandar.
Speaking to Projectmonitor, an official of BSEL Infrastructure said that the
investment of Rs 18,000 crore would include land acquisition and development
cost. The development plan in phase-I will be 10 million sq. ft and will cover
both residential and commercial development.
Incorporated in 1995 as Bell South Enterprises Ltd, BSEL Infrastructure Realty
Ltd is currently engaged in real estate development spread over areas like
hospitality, hotels, IT parks, townships, retail outlets and shopping malls. It
has projects in India and UAE.
Iskandar Development Region is located in Johor, the southern gateway to
Peninsular Malaysia. Through Iskandar Development Region Authority, a
comprehensive plan to develop IDR has been formulated with a view to decongest
neighbouring global business centres like Dubai, Hong Kong, Shanghai and Tokyo.
IDR, spread over 2,217 sq. km of area, has a population of 1.35 million with
two-thirds belonging to the working age group. For a frame of reference, IDR is
three times the size of Singapore. The comprehensive development plan envisages
the creation of five economic zones - JB City Centre, Nusajaya, Western Gate
Development, Eastern Gate Development and Senai-Skudai.
[May 26-June 1, 2008]