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Ansal Properties’ venture with Malaysian firm

NEW DELHI: Real estate developer Ansal Properties and Infrastructure has tied up with Malaysia’s UEM Builders for undertaking construction works in the property sector and an investment of up to Rs. 100 crore towards equity.

Speaking at a press conference after signing a memorandum of understanding with UEM Builders, a subsidiary of Malaysia’s largest conglomerate UEM Group, to form a joint venture company — UEM Builders-Ansal API Contracts Pvt. Ltd., Ansal API Director Pranav Ansal said in the joint venture, UEM Builders would hold 60 per cent stake and Ansal the balance.

“To start with, the new company would execute Ansal’s upcoming projects, including a 1,765-acre township in Lucknow and a 500-acre township in Mohali. Ansal API has plans to execute 100 projects worth Rs. 26,000 crore.

Mr. Ansal said in the near future the venture could also take up construction work of other developers.

According to UEM Builders Managing Director, Dato’ Ridza Abdoh, his company has already done a new infrastructure project in India, including 700 km of roads. “This new initiative marks our entry into the Indian real estate sector”

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