Emas Kiara Gets LOA For Geosynthetic Works In India

KUALA LUMPUR, Dec 22 (Bernama) -- Emas Kiara Industries Bhd has announced that its joint venture (JV) bid for geosynthetic engineering works in Assam, India worth US$13.56 million (RM47.16 million) has been accepted by the Assam Water Resources Department. On May 30, its unit Emas Kiara Marketing Sdn Bhd inked a JV agreement with PD Associates and Raswill Representative Pte Ltd to form an unincorporated joint venture. The company said in a filing to Bursa Malaysia (Malaysia's stock exchange) Monday a letter of acceptance (LOA) from the department was received on Dec 18 for the project, which is for flood management of the Ranganadi river on both bank embankments in Lakhimpur District. Emas Kiara said the JV is required to furnish a performance security of US$679,005 (RM2.36 million) within 21 days from the receipt of the LOA, and sign the contract for the project. "Full details of the project will be announced by the company upon execution of the contract," it said. -- BERNAMA