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BW Businessworld

Sahara's Construction JV With Turner

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Privately held conglomerate Sahara India and U.S.-based Turner Construction Co have formed a construction joint venture that plans to build projects worth Rs 122,500 crore over 20 years in India, the companies said on Thursday.

Sahara, with assets of Rs 127,400 crore, has global interests in finance, infrastructure and real estate, hospitality and media and entertainment. Turner, a subsidiary of German construction group Hochtief, builds about Rs 39,200 crore worth of projects every year.

The joint venture, Sahara Turner Construction Ltd, aims to complete projects worth Rs 12,250 crore over five years, the companies said.

Sahara India will initially invest Rs 490 crore and will hold 63 per cent of the joint venture, Chairman Subrata Roy told reporters, adding the group could raise its investment to more than Rs 1,470 crore later.

Nicholas Billotti, chief executive of Turner Construction International, the company's overseas business unit, declined to provide details of its investment or shareholding in the joint venture.

(Reuters)