Malaysia offers to invest $30 bn in Indian Housing Projects

New Delhi, Oct 16: Malaysia is keen to pump in investments to the tune of $30 billion in urban development and housing projects in India, an official statement said on Thursday.

The interest was expressed during the meeting of a 30-member Malaysian delegation led by Malaysia’s Works Mionister Haji Fadillah Bin Haji Yusof with Urban Development Minister M Venkaiah Naidu here.

“Construction Industry Development Board (CIDB), a government agency of Malaysia, has proposed to invest $30 billion in urban development and housing projects in India,” the urban development ministry said in a statement.

Yusof said: “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.”

While making presentations to Naidu, the Malaysian agency proposed to redevelop New Delhi railway station’s adjoining area as a mini-smart city with an investment of about $24 billion along with taking up a green city project worth $4 billion at Garhmukhteshwar in Uttar Pradesh.

Appreciating Malaysia’s interest, Naidu directed the National Buildings Construction Corporation (NBCC) to make detailed presentations to the concerned authorities for further consideration.

The delegation included senior representatives of government agencies such as CIDB, Malaysian Highway Authority(LLM), Pembinan and EXIM Bank.

Meanwhile, a 20-member Chinese delegation also called on Naidu on Thursday and held discussions on investment opportunities in the new urban sector initiatives in India.

The delegation, led by SANY group chairman Liang Wengen, comprised representatives of 9 public and private sector companies of China, including State Power Investment Corporation and Power Construction Corporation of China.

SANY group is China’s number one and world’s fifth largest construction machinery manufacturer with a market cap of $21 billion.