Business Daily from THE HINDU group of publications
Thursday, May 22, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, May 22, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Alliances & Joint Ventures States - Maharashtra Mumbai realty co signs pact with Malaysian firm for cybercity Our Bureau Mumbai, May 21 The Mumbai-based Sunil Mantri Realty Ltd has signed a memorandum of understanding with MSC Cyberport Sdn. Bhd for development, construction, marketing and funding of Bandar MSC Cyberport, the first Malaysia cybercity in Kulai, Johor. Sunil Mantri proposes to invest $100 million in the joint venture project. The State Government of Johor Barul, through a subsidiary, will hold 30 per cent of equity and 70 per cent will be jointly held by Sunil Mantri Realty and MSC Cyberport Sdn.Bhd. The cyberport, consisting of five million sq ft IT and office space and 3,500 residential units, will come up on 150 acres across the causeway border of Singapore. The project will be developed in three phases starting from end-2008 over eight years at an estimated gross development value of $425 million. Mr Sunil Mantri, Chairman of Sunil Mantri, said “We will offer our experience and expertise for the construction, development and marketing of the Cybercity.” The partnership will enable MSC Cyberport to promote and market Bandar MSC Cyberport to Indian ICT companies and MNC’s located in Indian special economic zones, especially ICT companies which wish to expand their businesses in the South East Asia region, said Mr Ganesh, CEO of MSC Cyberport Sdn Bhd. More Stories on : Alliances & Joint Ventures | Real Estate & Construction | Maharashtra
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