KUALA LUMPUR : Ingress Corporation Bhd's 49% associate company, Balfour Beatty Rail Sdn Bhd, has entered into a shareholders' agreement with Ansaldo STS Malaysia Sdn Bhd to formalise the incorporation of a joint venture (JV) company, Balfour Beatty Ansaldo Systems JV Sdn Bhd.

The JV company will jointly manage the systems package, which comprises the electrification and signalling, for the Ipoh to Padang Besar double-tracking project for MMC-Gamuda Joint Venture Sdn Bhd. Balfour will hold 60% in the JV with the remaining 40% equity being held by Ansaldo.

Last July, Ingress said Balfour would be involved in the design, supply and installation of electrification and power supply works valued at RM1 billion and the contract was expected to be completed in January 2013.

The JV Company has an authorised share capital of 10 million ordinary shares of RM1 each and will have a paid-up capital of RM6 million.