Indian company BSEL Infrastructure Realty Ltd (BSEL) has pledged to invest RM15bil for 12 years in several development projects in Iskandar Malaysia.

The company has signed a memorandum of understanding with the Iskandar Regional Development Authority (IRDA), where IRDA would help BSEL to seek approvals and permission from various authorities to facilitate its development.

BSEL managing director Dharmendra Raichura said in a statement released by IRDA that the investment of RM15bil would be in three phases with a gap of about four years each.

The first phase would be RM2bil, followed by RM4bil and RM9bil, he said.

He also said the anticipated development plan of 70 million sq ft would be completed in three phases with 10 million sq ft in the first year and doubling in every subsequent phase.

“In Iskandar we have found a new territory to display our development prowess and we promise to deliver quality in our work, ” he said.

BSEL is listed in the Mumbai Stock Exchange Limited and National Stock Exchange of India Limited with investments in hospitality, hotels, information technology parks and townships in India and the United Arab Emirates.

It also invests in commercial space and retail and shopping mall projects and some of its completed landmark projects in India are the BSEL Tech Park Hilton Center, IIP and Kharghar Phase-I.

Some of its on-going projects are the IT Park, Rajiv Gandhi IT Habitat, Goa, Dubai Project in Ajman, six shopping malls in Nagpur and a Hotel and Commercial Project in Pune.

IRDA chief executive officer Datuk Ikmal Hijaz Hashim said the collaboration between IRDA and BSEL was significant as it was the first with an Indian company in Iskandar.

“On our part, IRDA will endeavour to assist and facilitate BSEL in its investments within Iskandar Malaysia and obtain the necessary approvals and incentives (where applicable) from the relevant authorities.

“And I am personally committed to ensure that investors to Iskandar, such as BSEL, get the full support of IRDA,” he said.