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Thursday, November 24, 2011

SAAG in talks on RM600mil Tamil Nadu project

PETALING JAYA: SAAG Consolidated (M) Bhd said it is in the final stages of clinching a contract worth more than RM600mil to build houses in the southern Indian state of Tamil Nadu.

In a filing to Bursa Malaysia yesterday, the group said its India-listed subsidiary SAAG RR Infra Ltd is presently in advanced stage of negotiations with the main licensee of the affordable housing project in India which has the rights for the German technology to build 60,000 solar-powered affordable homes per annum for Tamil Nadu.

“SAAG RR has built seven model homes, financed by the main licensee, which are ready to be handed over by the Chief Minister of Tamil Nadu to the underprivileged shortly,” it said, adding that appropriate announcements would be made if and when the project was awarded to SAAG RR.

SAAG RR would have the rights to manufacture, assemble and sell composite panels for the houses.

The Tamil Nadu government is expected to fund the project and construction works are expected to start by year-end, of which about 180,000 rupees (RM11,112) will be allocated for the construction of each house.

By The Star

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