NEW DELHI: Construction Industry Development Board (CIDB) of Malaysia has proposed to invest US$30 billion (RM125 billion) in urban development and housing projects in India.
A 30-member business delegation led by Malaysia's Works Minister Datuk Seri Fadillah Yusof disclosed this during a discussion with India's Minister of Urban Development and Housing and Urban Poverty Alleviation M. Venkaiah Naidu in New Delhi on Friday.
A statement issued by the ministry's office said that the visiting minister told Venkaiah 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".
During the discussions, CIDB officials made representations to Venkaiah and senior officials on two proposed projects in India by the agency.
First, the redevelopment of the 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 the state of Uttar Pradesh involving housing and Ganga cleaning projects with an investment of about US$4 billion.
India's National Buildings Construction Corp (NBCC) of the urban development ministry will be associated with these projects.
Appreciating Malaysia's interest in investing in India, Venkaiah suggested to NBCC to make detailed presentations to the ministries of railways, finance, water resources and the governments of Delhi and Uttar Pradesh for further consideration.
According the statement, CIDB 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 the Malaysian Highway Authority, Pembinaan BLT Sdn Bhd, Export-Import Bank of Malaysia, as well as IJM Construction, UEM Group, Selia Group, Amona Group, Sunway Construction, KLCC Projeks, Scomi International and Veritas Architects.
KLCC, a property investment and facility management services company associated with the building of Petronas Towers, has expressed keen interest in the smart city development in India.
Pembinaan BLT has shown similar interest in affordable housing projects in India. - Bernama
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