Singapore firm to invest Rs.870 bn in India

Singapore-based Universal Success Enterprises Ltd said it has signed three agreements with the Gujarat Govt and will invest about Rs 87,000 crore in various infrastructure projects.

Singapore-based Universal Success Enterprises Ltd (USEL) on Monday said it has signed three agreements with the Gujarat government and will invest about Rs 87,000 crore (Rs 870 billion) in various infrastructure projects.

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USEL, a diversified group in the field of infrastructure development, real estate, energy trading, hospitality and manufacturing, has identified thermal power generation, seaports, and mixed-use industrial and urban development as focus areas in West Bengal, Gujarat and Maharashtra.

The company signed the agreements in the ongoing "Vibrant Gujarat Global Investors' Summit 2009" and plans to invest Rs.870 billion over a period of 10 years, a company statement said.

USEL, which is in the process of setting up a thermal power plant in Gujarat, plans to generate employment for more than 50,000 people.

"USEL's expertise lies in developing large scale infrastructure projects and we would partner with the world's best infrastructure consultants to maintain high standards and meet the set time lines for execution," USEL chairman Prasoon Mukherjee said.

The company entered India in 2003 and started its operations with the development of a 130 km express highway and a 3.5 km bridge across Hooghly river connecting Kolkata and Haldia.