HYDERABAD: IJM (India) Infrastructure Ltd (IJM India) plans to launch a new commercial development project in Hyderabad with a gross development value of RM168 million next year, its country head Anthony Teoh said.
The development would be on 1.6 hectares of land, he said.
“We hope to start the project next year, which would be followed by a mixed development project,” he told reporters in an interview after Minister of International Trade and Industry Datuk Seri Mustapa Mohamed’s visit to its township project.
He said the company also has 48 hectares of land bank in Vijayawada, the third largest city in Andra Pradesh.
Currently, the land is only partially developed and there are two more phases to go, he said.
Going forward, IJM, which has been in India for 14 years, plans to continuously spread its wings in the country of 1.2 billion people, he said.
“There has been some slowdown in the past eight to 12 months, especially with financial institutions tightening credit, but India is a market that nobody will ignore,” he said.
Hence, on the backdrop of a challenging environment, he said IJM is keen to focus on niche markets.
“Challenging environment means, a little bit more planning is needed. Look into niche markets and projects that fit the company’s strength,” said Teoh.
Asked if it was vying for more road projects, he said, “We are cautions on new projects primarily due to the financing cost but if a good opportunity comes up, we will take it,” he said.
IJM has five toll roads with a combined length of 900km, one of which is under construction.
Asked on plans for listing the company on the Bombay Stock Exchange, he said there were plans to do so a few years ago but they didn’t work out due to timing issues.
“Not in the next three years,” said Teoh when asked if IJM would revive its plans to list the company in the future. — Bernama