Malaysian firm to develop township in India

Malaysian construction firm IJM Corp. said Monday it is jointly developing a township in Andhra Pradesh for 599 million ringgit ($158 million).

The township will be built with India's Lingamaneni Estates Pte. Ltd. on 119.4 acres (48.32 hectares) of land over 36 months, IJM said in a statement to Malaysia's stock exchange.

IJM will own 55 per cent of the venture, while Lingamaneni Estates will hold the remainder.

IJM has building projects in Argentina, Chile, Australia, Vietnam, China and Singapore, but India -- where it has been awarded various road construction projects -- is its biggest focus.