IJM Corp to invest in property project in India
IJM Corp Bhd is set to take part in a property development project in Nagpur, the third-biggest city in the Maharashtra state of India.
KUALA LUMPUR (May19): IJM Corp Bhd is set to take part in a property development project in Nagpur, the third-biggest city in the Maharashtra state of India.
To do so, it has incorporated IJM Realty (Mauritius) Ltd (IJMRM) as a wholly-owned subsidiary of IJM Investments (M) Ltd, according to its Bursa Malaysia filing yesterday. The latter is a wholly-owned unit of IJM.
IJMRM, in turn, will be investing up to 100% in Nagpur Integrated Township Pvt Ltd, a special purpose vehicle that is undertaking the project.
No further details of the development were provided in the announcement.
According to reports by Indian media, Nagpur is set to become the next logistics hub in India with the country’s biggest shipping companies such as Container Corp of India Ltd and Mahindra Logistics Ltd setting up facilities there.
IJM shares closed up three sen (0.86%) to RM3.53 yesterday, and bringing a market capitalisation of RM12.77 billion.
This article first appeared in The Edge Financial Daily, on May 19, 2017.