Malaysia proposes US$ 30 billion investments in urban development and housing projects in India

Large Malaysian and Chinese delegations discuss investments with Venkaiah Naidu

Construction Industry Development Board (CIDB) of Malaysia has proposed to invest US $ 30 billion in urban development and housing projects in India. A 30 member business delegation led by the Malaysia's Minister of Works Haji Fadillah Bin Haji Yusof held detailed discussions in this regard with the Minister of Urban Development and Housing & Urban Poverty Alleviation M.Venkaiah Naidu in New Delhi.

The visiting Minister told M.Venkaiah Naidu that "the unfolding India is very exciting and that is the reason for coming here with a huge 30 member delegation of senior representatives of 12 leading government and private companies of Malaysia".

On behalf of CIDB, a government agency, presentations were made to M. Venkaiah Naidu and senior officials of the two urban ministries on concept plans for two proposed projects. Redevelopment of New Delhi Railway Station adjoining area as a mini-smart city is proposed to be taken up with an investment of about US $ 24 billion. CIDB also proposed to take up a Green City Project at Garhmukhteshwar in Uttar Pradesh involving housing and Ganga cleaning projects with an investment of about US $ 4 billion. National Buildings Construction Corporation (NBCC) of the Ministry of Urban Development will be associated with these projects.

Appreciating Malaysia's interest in investing in India, M. Venkaiah Naidu suggested to NBCC to make detailed presentations to the concerned Ministries of Railways, Finance, Water Resources and the Government of Delhi and Uttar Pradesh for further consideration. CIDB is a government agency which has so far implemented various construction projects overseas with an investment of US $ 24 billion since its inception in 1995 and projects worth US $ 8 billion are under execution.

The Malaysian delegation included senior representatives of government agencies like CIDB, Malaysian Highway Authority(LLM), Pembinan and EXIM Bank besides private sectors companies -IJM Construction, UEM Group, Selia Group, Amona Group, Sunway Constructions, KLCC Projecks, Scomi International and Veritas Architects.

KLCC, a property investment and facility management services company associated with building of PETRONAS Tower in Kaulalampur has expressed keen interest in smart city development in India. Pembinan has shown similar interest in affordable housing projects in India.

Chinese companies too show interest

A large 20 member Chinese delegation led by the Chairman of SANY Group Liang Wengen also met M. Venkaiah Venkaiah Naidu and held discussions on investment opportunities in the new urban sector initiatives in India. The delegation comprised of representatives of 9 public and private sector companies of China including State Power Investment Corporation, Power Construction Corporation of China, CHINT Group (industrial electrical equipment and energy), China Minsheng Investment Corporation (private financial investment), CCTEG Shenyang Engineering Company( designing), Tebian Electric Apparatus Stock Company (transformers) and Golden Concord Holdings Ltd(integrated energy).

SANY Group is China's No.1 and world's 5th largest construction machinery manufacturer with a market cap of US $ 21 billion.

M. Venkaiah Naidu gave a detailed account to both the delegations of investment opportunities in urban development and housing sectors further to the launching of new urban missions and emergence of India as a 'happening place and favoured global investment decision'. He referred to the latest report of Ernst & Young which, after a survey of 500 global corporates reported India as the most favoured investment destination. M. Venkaiah Naidu said that several initiatives have been taken to enhance 'ease of doing business' in India. He explained that Smart City Mission offered sizeable investment opportunities in retrofitting and redevelopment of identified urban areas besides builing greenfield townships and in public transport, solid waste management, 24x7 water and power supply, smart grid management and other Pan-city Smart Solutions.

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