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Ircon`s mega project in Malaysia at risk: Report
Kuala Lumpur, July 29: India`s state owned Ircon international`s bid for a mega project in Malaysia appears in jeopardy, with the contract more likely to go to a local consortium, a business weekly reported.
Kuala Lumpur, July 29: India's state owned Ircon
international's bid for a mega project in Malaysia appears in
jeopardy, with the contract more likely to go to a local
consortium, a business weekly reported.
Ircon international, a construction arm of Indian
Railways, along with China Railway Engineering Corp (CREC) had
appeared assured of landing the contract for a multi-billion
dollar rail project under separate government to government
deals to offset palm oil sales from Malaysia.
Both companies,
who had earlier received a Letter of Intent and had
revised the bids, were still waiting to hear the outcome.
The edge, weekly magazine, said in its latest edition
the local consortium, made up of Malaysia mining corp and
Gamuda, which lodged a belated surprise bid to build the
entire track, will walk off with the deal.
"The government is leaning towards the consortium for
what is being billed the biggest-ever construction project
in this country," said the weekly quoting sources saying.
MMC-Gamuda has briefed senior government officials and will soon submit a final proposal to the economic planning unit in the prime minister's department with all the details, including the mode of financing for the project, said the weekly.
MMC is controlled by Syed Mokhtar al Bukhary, a Malay tycoon who has been favoured with several large contracts in the last couple of years and has targeted transport infrastructure and logistics as key areas of business. A government announcement is expected to be made by mid-august, said the weekly.
Bureau Report
MMC-Gamuda has briefed senior government officials and will soon submit a final proposal to the economic planning unit in the prime minister's department with all the details, including the mode of financing for the project, said the weekly.
MMC is controlled by Syed Mokhtar al Bukhary, a Malay tycoon who has been favoured with several large contracts in the last couple of years and has targeted transport infrastructure and logistics as key areas of business. A government announcement is expected to be made by mid-august, said the weekly.
Bureau Report