Indian Railways firm IRCON International has signed up a $1 billion deal with Malaysia for developing railway infrastructure in the country.

After witnessing the signing together with India’s Railways Minister Lalu Prasad in Putrajaya, Malaysia's administrative capital, 70 km out of Kuala Lumpur, Ong Tee Keat, Malaysian Transport Minister stated, “This has been a much awaited contract and we are very happy to have signed it with IRCON.”

Ong said Malaysia, which is already carrying out different infrastructure projects in India, is in search of more exhaustive dealss.

Lalu Prasad said, “The award of the Seremban-Gemas Double Tracking project to IRCON is an important landmark in the bilateral ties between India and Malaysia and will go a long way in further promoting the engagement in the infrastructure sector.”

He said there was a big scope for the Malaysian infrastructure industry to adopt more projects in the country.

Mr. Lalu stated, “We are going to build 24 world class stations, the third line (railway) from Ludhiana to Calcutta and from Delhi to Chennai.”
 
"We have an open mind, we want Malaysia to participate," he said, adding that they could begin diesel loco projects or electric loco projects.

Citing to the IRCON deal, Malaysia’s Transport Minister Ong told that his country is sure that the project would create numerous economic spin-offs and will be a channel for better economic development and national progress.