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Malaysia's IJM Wins contracts

After the government has given allowance for direct and 100% FDI in construction, Global construction companies are grabbing contracts in India like Malaysia's IJM which is building a 2,000-unit housing scheme in Hyderabad worth 250 million ringgit (US$65.7 million; euro50.6 million). It is scheduled to be completed by 2007. he company also has a 20 percent equity interest in a 460 megawatt power plant being built in Andhra Pradesh. IJM, Malaysia's fourth-largest construction company in terms of market capitalization, has construction projects in India, Argentina, Chile, Australia, Vietnam, China and Singapore. But India - where it has been awarded 10 road construction projects including the Rajasthan highway - remains its biggest focus. IJM chief executive officer Krishnan Tan has said that he expects overseas projects to contribute more than 30 percent of the group's earnings in the next five years compared to 15 percent at present. Most of the increase is expected to come from its Indian operations.

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