Malaysia’s Construction Industry Development Board (CIDB) has come with a proposal of investing USD 30 billion in urban development and housing projects in India. The move is set to give an impetus to India’s economy.
In this connection, a 30 member business delegation led by Malaysia’s Minister of Works Haji Fadillah Bin Haji Yusof held detailed discussions with the Minister of Urban Development and Housing and Urban Poverty Alleviation M Venkaiah Naidu in New Delhi recently.
The visiting Minister told Naidu that the unfolding India is very exciting and that is the reason for visiting India with a massive 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 Venkaiah Naidu and senior officials of the two urban ministries on concept plans for the 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 USD 24 billion.
Besides, the 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 USD 4 billion. Sources said National Buildings Construction Corporation (NBCC) of the Ministry of Urban Development will be associated with the said projects.
Buoyed by Malaysia’s keenness in investing in India, Naidu asked the NBCC to chalk out detailed presentations to the concerned ministries of Railways, Finance, Water Resources, Governments of Delhi and Uttar Pradesh for further consideration.
Notably, CIDB is a government agency which has so far implemented various construction projects overseas with an investment of USD 24 billion since its inception in 1995 and projects worth USD 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 Projects, 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.
Chinese companies too show interest
A large 20 member Chinese delegation led by the Chairman of SANY Group Liang Wengen also met Venkaiah Naidu and held discussions on investment opportunities in the new urban sector initiatives in India. The delegation comprised of representatives of nine 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).
Notably, SANY Group is China’s number one and world’s fifth largest construction machinery manufacturer with a market cap of USD 21 billion.
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. He further said the Centre is taking concerted efforts to enhance ‘ease of doing business’ in India.