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Our Bureau

Mumbai, May 19 Mumbai-based BSEL Infrastructure Realty Ltd said it has signed a memorandum of understanding with the Government of Malaysia’s statutory body Iskandar Regional Development Authority for development of the proposed Iskandar metropolis.

BSEL Infra has committed an investment of Rs 18,000 crore, to be spread over 12 years, in the project. The investment in phase I (four years) will be Rs 2,500 crore.

The Iskandar Regional Development Authority will help BSEL seek approvals and permissions from the authorities to facilitate the development.

BSEL plans to develop 70 million sq ft, comprising 80 per cent residential and the rest commercial, in three phases with 10 million sq ft in phase I. Of the five economic zones to be developed, BSEL has pledged to invest in the two zones — Financial District and Nusajaya.

Mr Dharmendra Raichura, Managing Director, BSEL Infra, said the first phase funding would be through internal accruals and bank assistance. BSEL’s subsidiary in the UAE was developing a 5,000-apartment complex and bookings for units had begun. The UAE project would generate revenues upwards of Rs 3,500 crore, and the money would channelised for the Malaysian project.

The Chief Executive Officer of Iskandar Regional Development Authority, Dato Ikmal Hijaz Hashim, said the collaboration was the first with an Indian company in Iskandar.

BSEL Infra is currently engaged in developing hotels, IT parks, townships, commercial space and shopping malls projects in India and UAE.

The Iskandar Regional Development Authority is a federal government statutory body established responsible for realising the vision and objectives of making IDR (Iskandar Development Region), a metropolis of international standing. It is the sole authority empowered to plan, promote, facilitate and undertake development in the region.

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