By IANS,
New Delhi : Ansal Properties and Infrastructure Ltd (APIL) announced Friday that it has entered a joint venture (JV) with UEM Builders, a subsidiary of Malaysia-based UEM Group.
The JV company – UEM Builders-Ansal API Contracts Pvt Ltd – will carry out building, construction and engineering activities for APIL’s projects across the country.
The new firm will initially have an authorised capital of Rs.10 million ($250,000), divided into 1 million ordinary shares of Rs.10 each and a paid-up capital of Rs.5 million.
Dato Abdul Rahim Abu Bakar, chairman of UEM Builders, said: “India has witnessed a tremendous development in the infrastructure and real estate sector in the past few years and today it is ranked as the third largest real estate market in the world.”
“Foreseeing this great market potential, we are happy to sign this deal with Ansal. With our construction expertise, coupled with their experience, this JV will offer state-of-the-art products and services,” he added.
Speaking on the occasion, APIL chairman Sushil Ansal said: “It’s a matter of great pleasure to announce this association with UEM Group. I am confident that we will make the best possible utilisation of our synergies to deliver world-class living standards.”