Industronics to explore consortium wtih Malaysian NGV for Kedah Aerotropolis project

KUALA LUMPUR: Industronics Bhd has entered into a memorandum of understanding with Malaysian NGV Bhd to discuss a proposal to form a consortium to build-operate-own the Kedah Aerotropolis project as an investor and master developer.

According to Industronics, the project will be built on 9,154.98 acres of land belonging to the Kedah state government.

It will comprise the Airport City, inclusive of Cargo Terminals, MRO Centre, Kulim International Airport, Business Park and Sidam Logistics Aerospace and Manufacturing hub.

Airport City represents the first phase of the development with an 18-month completion target.

"Industronics will seek funds and facilitate funds amounting to EUR3.3 billion with its strategic partner, Bluemount Financial Group Ltd (BFGL) and other possible investors for the proposed development," it said in a filing with Bursa Malaysia.