Announcement
March 31, 2004

Updated : 31/03/2004

Joint Venture Agreement with LCL Furniture Sdn Bhd to jointly operate an interior decoration and fit-out company in Hyderabad, India

IJM (India) Infrastructure Limited ("IJMII") has on 31 March 2004 entered into a Joint Venture Agreement with LCL Furniture Sdn Bhd ("LCLF") to jointly operate the business of manufacturing quality custom-made furniture, interior design, advisory, consultancy and fit-out works for buildings, offices and homes in Hyderabad, India.

LCLF and IJMII will use LCL-IJMII International Interiors Private Limited ("LCL-IJMII"), a company incorporated in India, as the 50:50 joint venture company to undertake the business. The initial paid-up capital of LCL-IJMII will be Rs5,000,000 (approximately RM423,000).

IJMII is a 95% subsidiary of IJMII (Mauritius) Limited, which is a wholly-owned subsidiary of IJM Investments (M) Limited, which in turn is a wholly-owned subsidiary of the Company. IJMII is in the construction business and is developing an integrated township in Hyderabad, India.

LCLF is a wholly-owned subsidiary of LCL Corporation Berhad and is in the business of manufacturing of quality custom-made furniture, interior design and fit-out works for buildings, offices and homes.

None of the Directors or substantial shareholders of the Company, or persons connected with them, has any interest, direct or indirect, in the transaction. The transaction will not have any significant effect on the earnings or net tangible assets per share of the Company for the financial year ending 31 December 2004.

 
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