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| Ansals join hands with Malaysia-based UEM |
By
Properties MLS |
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Real estate developer Ansal Properties & Infrastructure Ltd today announced it has joined hands with Malaysia-based UEM Group to form a new company to carry out construction activities across the country.
Ansal API has signed a shareholders agreement with UEM Builders, a subsidiary of UEM Group, to form a joint venture company for the purpose of carrying out building, construction and engineering activities for Ansal’s projects across the country, the Delhi-based realty firm said in a statement.
“It is a matter of great pleasure to announce this association with the UEM Group. I am confident that we will make the best possible utilisation of our synergies to deliver world-class living standards,” Ansal API Chairman Sushil Ansal said.
The new JV company — UEM Builders-Ansal API Contracts Pvt Ltd — would initially have an authorised capital of Rs one crore, divided into 10 lakh ordinary shares of Rs 10 each, and a paid up capital of Rs 50 lakh, the statement added.
“India has witnessed a tremendous development in the infrastructure and real estate sector in 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 API, the leading real estate player of the country,” UEM Builders Chairman Dato’ Abdul Rahim Abu Bakar said.
UEM Builders undertakes various engineering and construction projects and it has a presence in India since early 1990s through its subsidiary, UE Development Pvt Ltd.
UEM Builders undertakes various engineering and construction projects and it has a presence in India since early 1990s through its subsidiary, UE Development Pvt Ltd.
Acquire information on Real Estate at www.propertiesmls.com
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