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IJM
(India) Infrastructure Limited (“IJMII”) has entered into an agreement with
Reatox Builders & Developers Pvt Ltd, India to design, construct and market
the high rise residential and commercial development of approximately 3.3
million square feet on 31 acres of land at Nagpur, Maharashtra in India, on
a turnkey basis.
The
estimated construction cost is Rs. 420 Crores (approximately RM335 million)
and the gross sales value ("GSV") is Rs. 670 Crores (approximately RM530
million). The consideration for the design and construction will be paid on
a percentage of the GSV based on an agreed formula, and the development
period is 27 months.
IJMII
is a 97.3% subsidiary of IJMII (Mauritius) Limited, which is a wholly-owned
subsidiary of IJM Investments (M) Limited, which in turn is a wholly-owned
subsidiary of the Company.
None
of the Directors nor substantial shareholders of the Company, or persons
connected with them, has any interest, direct or indirect, in the
transaction. The transaction is not expected to have any significant effect
on the earnings or net assets per share of the Company for the financial
year ending 31 March 2007. |
