Business News

Tuesday, 4 April 2017

MRCB plans tie-up with India's Adani Realty for India job

Salim: ‘I believe we have found an excellent partner who will complement our strong expertise in transit-oriented developments

Salim: ‘I believe we have found an excellent partner who will complement our strong expertise in transit-oriented developments

PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) has signed a preliminary agreement to team up with Adani Realty, a unit of the India-based conglomerate Adani Group, to explore the possibilities of developing convention centres throughout India.

This is one of the 31 memoranda of understanding (MoUs), worth an estimated US$36bil (RM160bil), signed between Malaysian and Indian companies during Prime Minister Datuk Seri Najib Tun Razak’s official visit to the country.

Tan Sri Mohamad Salim Fateh Din, group managing director of MRCB, said that the MoU with Adani Realty marked the firm’s first foray into India.

“I believe we have found an excellent partner who will complement our strong expertise in transit-oriented developments to leverage the tremendous opportunities in this country,” he said in a statement.

Meanwhile, Adani Realty group chief executive officer (CEO) Ajay Munot said that the firm intends to bring MRCB’s excellence in execution and cutting-edge technology into all infrastructure and real estate offerings across India to create marque solutions.

“We are pleased to partner with MRCB, one of Asia’s premier real estate and infrastructure companies,” he said.

The MoU signing was witnessed by Najib in New Delhi, India, yesterday, which was held during the Malaysia-India Business Forum & Luncheon on “Leveraging the Malaysia-India Strategic Partnership”.

The biggest MoU at the event was for the development of a maritime city in Klang, Selangor.

Another unit of the Adani Group, Adani Ports & Special Economic Zone Ltd (APSEZ), has signed an MoU with Sime Darby Property Bhd, MMC Port Holdings Sdn Bhd to study the feasibility of developing an integrated maritime city on Carey Island, Selangor, worth US$22.78bil.

APSEZ, India’s biggest private port operating firm, has inked a separate MoU with MMC Corp.

This is to explore the feasibility of the Carey Island Port project as an extension of Port Klang, currently the eleventh busiest container port in the world.

Sime Darby will collaborate with APSEZ to study the feasibility of developing an integrated maritime city, which will support the Carey Island Port project

In a statement yesterday, the APSEZ CEO said Malaysia is very strategic to the company’s global strategy.

“Malaysia with its supportive, transparent and proactive Government policies makes an ideal destination for investment.

“MMC and Sime Darby are valued partners and their involvement in these projects strengthens the case even more to make both these projects successful,” he said.

At the business luncheon, a total of 31 MoUs were exchanged between Malaysian and Indian companies, estimated at about US$36bil (RM160bil).

These are in sectors related to port and highway construction, solar power plants, the development of smart cities and technology parks.

Others include regasification terminal projects, coconut and palm oil development, and higher learning education.

Tags / Keywords: Corporate News , Stocks , Earnings , Investing , Adani Group , MRCB , Sime Darby , MMC

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