Emas Kiara JV receives LoA for India project

PETALING JAYA: Emas Kiara Industries Bhd's wholly-owned subsidiary Emas Kiara Marketing Sdn Bhd and its joint venture (JV) partners PD Associates and RasWILL Representative Pte Ltd, have received a letter of acceptance (LoA) for a flood management project in India worth Rs 85,59,45,280.00 (RM47.16 million).
Dated Dec 17, 2014, the LoA from the Office of the Chief Engineer, Water Resources Department of the government of Assam, notified that the JV's bid for a project known as "flood management of river Ranganadi along river training with work on both bank embankments" in Lakhimpur District has been accepted by the Water Resources Department.
"The JV is required to furnish a performance security for an amount of Rs 4,27,97,264 only within 21 days from the receipt of the LoA, valid up to 28 days from the expiry of defects liability period, and sign the contract in relation to the project," the company said in a filing with Bursa Malaysia yesterday.
Full details of the project will be announced upon execution of the contract.