Projects Today reported that Mumbai based BSEL Infrastructure Realty has signed a MoU with Malaysia's Iskandar Regional Development Authority to develop properties in Johar Bharu region of Malaysia.

The new company will be either made a subsidiary of BSEL Infrastructure Realty or its UAE subsidiary BSEL Infrastructure Realty FZE. BSEL invest INR 18,000 crore within a period of 12 years and will use the proceeds from UAE projects to finance these projects.

BSEL will develop 70 million square feet of space in 3 phases with 10 million square feet in the first phase and double in every subsequent phase. It will invest INR 2,500 crore in the first phase and INR 5,000 crore in the next phase.