Indian, Malay firms ink deal
Kuala Lumpur, May 24:
Malaysia’s Emkay Group and Bangalore-based Embassy Group are planning to build low-cost houses in southern India. The first venture abroad for Emkay, headed by businessman Tan Sri Mustapha Kamal, was in 1993 when it built houses in Namibia.
Embassy Group chairman Jitu Virwani said the company wants to build low-cost houses in Bangalore, Chennai, Hyderabad and Pune with Emkay to fast-track developments and meet demand.
“Mustapha Kamal is an expert in low-cost housing. We are exploring the opportunities to work together. We already have a good working relationship and now want to build on each other’s strengths,” Virwani said . The partnership between Embassy and Emkay dates back to 2005 with the development of MKN Embassy Techzone, an IT park at Cyberjaya in Malaysia.
Techzone comprises four commercial blocks worth $110 million under phase one and eight blocks worth over 600 million ringgit under phase two.
Techzone is Embassy’s first investment in Asia. “We are planning a long-term working relationship with Emkay. We are exploring new projects such as building student housing and residential developments in Cyberjaya,” Virwani said.