Malaysia proposes $30-bn investment in smart city projects in India

Construction Industry Development Board (CIDB) of Malaysia, a state-owned Malaysian enterprise has proposed to invest up to $30 billion in urban development and housing projects in India under the government's smart city project.

Representatives of the CIDB made presentations on concept plans for two proposed projects - redevelopment of area adjoining New Delhi Railway Station as a mini-smart city and a green city project at Garhmukhteshwar in Uttar Pradesh involving housing and Ganga cleaning projects.

The proposed redevelopment of adjoining areas of New Delhi Railway Station is proposed to be taken up with an investment of about $24 billion while the Green City Project at Garhmukhteshwar in Uttar Pradesh involving housing and Ganga cleaning projects with an investment of about $4 billion.

The National Buildings Construction Corporation (NBCC) under the ministry of urban development will be associated with these projects.

A 30-member business delegation led by the Malaysia's minister of works Haji Fadillah Bin Haji Yusof has held detailed discussions in this regard with the minister of urban development and housing and urban poverty alleviation M Venkaiah Naidu in New Delhi on Thursday.

''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,'' the visiting minister told Naidu.

Appreciating Malaysia's interest in investing in India, Naidu suggested to NBCC to make detailed presentations to the concerned ministries of railways, finance, water resources and the government of Delhi and Uttar Pradesh for further consideration.

CIDB is a government agency, which has so far implemented various construction projects overseas with an investment of $24 billion since its inception in 1995 and projects worth $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 sector 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 Kualalampur has expressed keen interest in smart city development in India. Pembinan has shown similar interest in affordable housing projects in India.