KUALA LUMPUR: IJM Corporation Bhd yesterday announced the incorporation of a wholly owned subsidiary IJM Vijayawada (Mauritius) Ltd in the Republic of Mauritius. The group will use the Mauritius subsidiary as a vehicle to invest in up to 50% stake in Vijayawada Tollway Private Ltd.

Vijayawada Tollway is the concessionaire company for the designing, building, financing and operation of a national highway in India.

The highway will comprise six lanes and spanning from Km 355 to Km 434.15 in the Chilkaluripet-Vijayawada Section of National Highway 5.

IJM Vijayawada is wholly owned by IJM Investments (M) Limited, which in turn is the wholly subsidiary of IJM. The paid-up capital of IJM Vijayawada is presently US$1 (RM3.20).