Latest news with #Eversendai
New Indian Express
2 days ago
- Business
- New Indian Express
CM Naidu woos investors in Singapore, Eversendai proposes mega fabrication unit in AP
VIJAYAWADA: On the first day of his official visit to Singapore, Chief Minister N Chandrababu Naidu held a series of high-level meetings, promoting Andhra Pradesh as a prime destination for global investments. He urged international firms to seize the State's vast opportunities in infrastructure, housing, and industrial development. In a meeting with representatives of Surbana Jurong (SJ), a leading global urban infrastructure company, Naidu extended an invitation to participate in Andhra Pradesh's ambitious 'Housing for All' programme. He highlighted the State's focus on large-scale infrastructure projects, including the development of 20 ports and 15 airports, positioning Andhra Pradesh as an emerging logistics hub. He also shared plans to transform key areas into industrial townships. Surbana Jurong expressed keen interest in contributing to the State's housing and infrastructure development, signalling potential collaboration in these sectors. Naidu also met Tan Sri AK Nathan, Chairman and Managing Director of Malaysia-based Eversendai Corporation Berhad. The discussions centred on establishing a state-of-the-art fabrication factory, and an integrated training centre in Andhra Pradesh. Eversendai proposes 2L sq mt facility Eversendai has proposed setting up of the facility in approximately 2,00,000 square metres, strategically located to enable the transportation of fabrication equipment across India. The initiative is expected to drive industrial growth, and create significant employment opportunities in the State. Eversendai also evinced interest in participating in infrastructure projects for the development of Amaravati Capital City. Additionally, the company discussed collaboration with institutions like IIT Tirupati and IIIT Sri City to establish a structural engineering training centre. Eversendai highlighted its global expertise, having contributed to iconic projects such as the Burj Khalifa, and Statue of Unity in Gujarat.
Hans India
2 days ago
- Business
- Hans India
Singapore-based Surbana Jurong eyes AP housing projects
Singapore: Chief Minister N Chandrababu Naidu held a series of back-to-back meetings on the first day of his Singapore visit, successfully engaging global investors and inviting them to capitalise on AP's burgeoning growth opportunities. Among the key developments, leading urban infrastructure company Surbana Jurong expressed keen interest in investing in the state's housing sector, while Malaysian construction giant Eversendai proposed setting up a significant manufacturing factory. Representatives from Singapore-based Surbana Jurong, a prominent urban and infrastructure consulting firm, met Chief Minister Naidu. The Chief Minister extended an invitation to Surbana Jurong to actively invest in large-scale housing construction projects across Andhra Pradesh, encouraging their participation in the state's ambitious 'Housing for All' initiative. Chief Minister Naidu elaborated on Andhra Pradesh's strong focus on infrastructure development, highlighting plans for the development of 20 ports and 15 airports. He emphasised the state's strategic positioning as a major logistics hub and outlined the government's vision to transform these regions into thriving industrial townships. He urged Surbana Jurong to explore the extensive investment opportunities available in these areas. Tan Sri Dato' A K Nathan, chairman and managing director of Eversendai Engineering, a leading Malaysian construction company renowned for its iconic projects, also held discussions with Chief Minister Chandrababu Naidu. The primary focus of their meeting was Eversendai's proposal to establish a state-of-the-art manufacturing factory and an integrated training center in Andhra Pradesh. The Eversendai chairman indicated that Visakhapatnam or Krishnapatnam are being considered as potential locations for this facility, which would facilitate nationwide distribution of its products. The proposed manufacturing unit is projected to span approximately two lakh square meters. This substantial investment is anticipated to significantly boost industrial growth and create large-scale employment opportunities within the state. Eversendai also conveyed its interest in investing in infrastructure projects related to the development of Amaravati, the state capital. Furthermore, Chairman Nathan discussed the establishment of a Structural Engineering Training Center in collaboration with premier institutions such as IIT-Tirupati and IIIT Sri City, underscoring a commitment to skill development. Eversendai highlighted its impressive track record, which includes contributions to landmark global projects such as the Burj Khalifa, Petronas Towers, DLF Downtown Taramani in Chennai, and the Statue of Unity in Gujarat, showcasing their expertise and capacity for large-scale development.
Time of India
2 days ago
- Business
- Time of India
Andhra Pradesh chief minister Chandrababu Naidu clinches big ticket project in Singapore
Vijayawada: Chief minister N Chandrababu Naidu on Sunday clinched a big ticket project on the day one of his Singapore visit as global construction gaint-Eversendai Engineering, based in Malaysia, expressed its keenness to set up its shop in Andhra Pradesh. Tan Sri Dato' AK Nathan, chairman and managing director (CMD) of Eversendai Engineering, met Naidu and held discussions about possible investment in AP. The discussions centered around setting up a state-of-the-art manufacturing factory and an integrated training centre in Andhra Pradesh. The Eversendai chairman mentioned that they are looking at Visakhapatnam or Krishnapatnam as a potential location for setting up the facility and enabling nationwide distribution of products. The proposed manufacturing unit would span about two lakh square metres. This proposed investment is expected to significantly contribute to industrial growth and generate large-scale employment in the state. Eversendai also expressed interest in investing in infrastructure projects related to the development of Amaravati, the state capital. Further, the chairman discussed the establishment of a structural engineering training centre in collaboration with premier institutions like IIT Tirupati and IIIT Sri City. Eversendai also highlighted that the company has previously contributed to landmark projects such as the Burj Khalifa, Petronas Towers, DLF Downtown Taramani in Chennai, and the Statue of Unity in Gujarat. Meanwhile, global urban infrastructure company Surbana Jurong has also came forward to invest in Andhra Pradesh. Representatives from the company met Naidu. The chief minister invited Surbana Jurong to actively invest in large-scale housing construction projects in the state and encouraged them to be a part of the housing for all, initiative. Naidu explained that the state is focusing on infrastructure development projects and highlighted the development of 20 ports and 15 airports, positioning itself as a logistics hub. He shared the government's vision of transforming these regions into industrial townships and urged the company to explore the investment opportunities in the state.
The Hindu
3 days ago
- Business
- The Hindu
Surbana Jurong and Eversendai show interest to invest in Andhra Pradesh
Andhra Pradesh Chief Minister N. Chandrababu Naidu's visit to Singapore is yielding strong investment interest, with back-to-back meetings on Day 1 focusing on infrastructure and industrial collaboration. In a key interaction on Sunday, urban infrastructure giant Surbana Jurong expressed interest in investing in large-scale housing projects in the State. Mr. Naidu invited the Singapore-based company to play a pivotal role in the State's 'Housing for All' initiative. He outlined the State's infrastructure roadmap, which included development of 20 ports and 15 airports, positioning Andhra Pradesh as a logistics and industrial hub. He urged the company to explore investment avenues in integrated township development. Meanwhile, Eversendai Engineering, a leading Malaysian construction company known for its global landmark projects, proposed the establishment of a state-of-the-art manufacturing facility and an integrated training center in Andhra Pradesh. Eversendai Chairman Tan Sri Dato' A. K. Nathan discussed potential sites in Visakhapatnam and Krishnapatnam, with the proposed factory spanning nearly two lakh square metres. The project is expected to boost industrial growth and job creation. The company also proposed a Structural Engineering Training Center in partnership with IIT- Tirupati and IIIT, Sri City, and expressed interest in the Amaravati infrastructure projects. Eversendai had previously worked on iconic projects such as Burj Khalifa, Petronas Towers, DLF Downtown Chennai, and Statue of Unity.
Malaysian Reserve
26-05-2025
- Business
- Malaysian Reserve
Eversendai to sell Rawang factory
The structural steel specialist contractor plans to open a new factory in Johor to undertake its jobs in Singapore by HABHAJAN SINGH EVERSENDAI Corp Bhd's operations in Malaysia will be kept busy in the next few months as it plans to sell some assets — including its factory in Rawang, Selangor — and look for an alternate site in Johor, closer to its Singapore jobs. The structural steel specialist contractor is actively undertaking the moves to trim down significantly its debt by 2031. 'Going forward, I would say the long-term debt, it will be paid off within the next six years. 'We have assets which we will dispose of in the next two to three years. Also, with the kind of business we have in hand, we will be able to progressively bring debt down and pay it off by six years. That's the target,' Eversendai executive chairman Tan Sri AK Nathan Elumalay told The Malaysian Reserve (TMR). Its total group borrowings and debt securities for the financial year ended Dec 31, 2024 (FY24), stood at RM576.7 million, a significant reduction from RM1.05 billion as at the end of FY23. Its gearing level has been cited as a concern weighing on the minds of investors, causing some of them to shy away from the company which was listed on the Main Market of Bursa Malaysia in July 2011. The disposal of two parcels of freehold land in Sungai Buloh, announced in January 2025, raised RM63 million, which was used to reduce the group's borrowings. In an exchange filing, Eversendai said the group's Ijarah facility drawdown for its first lift boat, Vahana Aryan, was fully settled by Vahana Offshore (M) Sdn Bhd. The company also settled other term loans during the year, resulting in a 45.2% reduction of its total borrowings. The company was in the process of further restructuring its borrowings to strengthen its liquidity position, it added. We are in the process of setting up a factory in Johor. We could potentially achieve 100% utilisation capacity for Malaysia, says Nathan (pic: TMR) Nathan said the company next plans to dispose of its land in Kundang and its factory in Rawang, both located in Selangor. More than a decade ago, Eversendai expanded its Rawang plant facility to accommodate increasing operational needs from local projects. In an announcement in September 2013, the company said it planned to purchase land in Bandar Kundang, as the Rawang facility lacked sufficient space for the storing the company's tools and equipment. When asked why Eversendai plans to divest its Rawang factory, Nathan said it is currently underutilised, as most of the projects from Singapore are relatively small in scale. 'We are in the process of setting up a factory in Johor. It may not be as big as the Rawang facility, but it will be adequately sized to cater to Singapore projects. 'In that way, we could potentially achieve 100% utilisation capacity for Malaysia,' he said. When asked to provide more details about the land the company is seeking in Johor, he said it is expected be about eight to 10 acres (4.05ha). On May 20, Eversendai announced that it had secured a project for the construction of the New Science Centre in Singapore. The composite building comprises trusses, columns and beams from Level 2 to roof. The scope of work for this project includes engineering, connection design, shop drawings, steel material supply, fabrication, delivery and erection of structural steel works. The company conducts significant business in the Middle East, India and Singapore, in that order, with a smaller presence in Malaysia. For FY24, Eversendai saw its net profit drop 47% to RM14.1 million, on a turnover of RM1.24 billion, down 15% from the previous year. This marked its second year in the black after a tough spell during Covid-19. The company was in the red for FY20, FY21 and FY22. Eversendai operates seven steel fabrication facilities located in Malaysia, Singapore, Dubai, Sharjah, Ras Al Khaimah, Qatar and India, with an annual capacity exceeding 200,000 tonnes. It is from these steel fabrication facilities that the company has left an indelible mark on some of the world's most iconic landmark structures. These include the Burj Khalifa in Dubai, Petronas Tower 2 (Malaysia), Khalifa Olympic Stadium (Qatar), Kingdom Centre (Saudi Arabia) and Republic Plaza (Singapore). Eversendai shares closed at 54.5 sen on May 22, with a 52-week high/low of 77 sen/ 34 sen. This article first appeared in The Malaysian Reserve weekly print edition
