Malaysian firms to build terminal in Andhra Pradesh

0
2477
| Kuala Lumpur, Malaysia  | 30 Dec 2015 | Asia Samachar |
New Paradigm Capital Markets Sdn Bhd managing director Charanjeev Singh shaking hands with Andhra Pradesh chief minister TYT Chandrababu Naidu in India on 18 Nov 2015. - PHOTO / ANDRAPARDESHMAGAZINE
New Paradigm Capital Markets Sdn Bhd managing director Charanjeev Singh shaking hands with Andhra Pradesh chief minister TYT Chandrababu Naidu in India on 18 Nov 2015. – PHOTO / ANDRAPARDESHMAGAZINE

A Malaysian-based corporate finance firm is involved in a deal which will see a Malaysian company forming a partnership in India to develop a RM2.1 billion regasification and floating storage terminal in Krishnapatnam Port, Andhra Pradesh.

New Paradigm Capital Markets Sdn Bhd, led by its managing director Charanjeev Singh, was present at a media event to provide details of the proposed joint venture in Kuala Lumpur yesterday (29 Dec 2015).

The deal between Isomeric Holdings Sdn Bhd and India’s LEPL Renergy Private Ltd will be signed on Jan 11, according to Malaysian media reports yesterday.

“The project has been discussed with Andhra Pradesh chief minister TYT Chandrababu Naidu where we have agreed to carry out this project soonest possible to meet the demand for gas in that region,” special envoy to that country Datuk Seri S. Samy Vellu told a press conference, reports The Star (30 Dec 2015).

The terminal will be developed under two phases by special-purpose vehicle known as Petrogas Private Ltd, in which Isomeric and LEPL will have a shareholding of 74% and 26%, respectively.

A report in Malaysian newspaper The Star (30 Dec 2015). - PHOTO/Snapshot from The Star website
A report in Malaysian newspaper The Star (30 Dec 2015). – PHOTO/Snapshot from The Star website

The build, own and operate project will be funded via a private initiative. Floating regasification terminal is a platform to receive and process shipments of liquefied natural gas (LNG). Petronas will be given the first right of refusal to supply the LNG for this project, the report adds.

The former MIC chief is Malaysia’s special envoy to India and South Asia for infrastructure. On Nov 18, Samy Vellu and the parties involved met the Indian state chief minister in India.

The proposed terminal would aid in expediting the industrial development in Rayalaseema region and would be beneficial for industries, fertilizer, power, domestic and transport sectors. Already pipelines are laid in the locality and this would help in supply of gas to domestic sector, reported the Andra Pardesh Magazine after the courtesy call.

Asia Samachar was unable to speak to Charanjeev to get more details of his firm’s involvement.

Charanjeev previously worked in tax and audit, investment banking and stockbroking. He also has extensive experience in tax advisory and debt capital markets including Islamic finance related Sukuk issuances, equity capital markets advisory, corporate debt restructuring, mergers & acquisition and private equity. He is the firm’s capital markets specialist, according to information available at the company’s website.

RELATED STORIES:

Veerinderjeet, Ranjit list Malaysian-based company in Singapore (Asia Samachar, 27 Nov 2015)

 

ASIA SAMACHAR is an online newspaper for Sikhs / Punjabis in Southeast Asia and beyond. Facebook | WhatsApp +6017-335-1399 | Email: editor@asiasamachar.com | Twitter | Instagram | Obituary announcements, click here |

NO COMMENTS

LEAVE A REPLY