BETHESDA, Md., Aug. 04, 2016 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT:IGC) announces that it has acquired a 10% stake in a 1,000-room luxury hotel development project encompassing 6+ acres in Genting Highlands, Malaysia. Consideration for the transaction was 4,000,000 IGC common shares.
The project is located in close proximity to Resorts World Genting, a hill resort destination that features the First World Indoor Theme Park and a casino that draws visitors from regions such as China, Korea and The Middle East. Cabaran Ultima, IGC’s project development and management company, will oversee the estimated $262 million venture.
“We see this opportunity in Genting Highlands as a watershed event for IGC. It allows us to participate in a significant luxury hotel development project that offers strong potential returns over a 5-year period and leverages our operational expertise from Cabaran Ultima, which we acquired in February 2016. There is a strong demand for hotel rooms and service apartments in the area and we are pleased to move forward with this very exciting endeavor,” stated Ram Mukunda, CEO.
About IGC
Internationally, we engage in leasing, trading, developing and managing infrastructure, and real estate projects. We are based in Bethesda, Maryland.
Our website: www.igcinc.us.
