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Indian Real Estate News
Sahara ropes in US firms to boost realty business
Source: Source: Mail Today Feb 10, 2012
Sahara India Pariwar's real estate arm Sahara Prime City, American building contractor Turner Construction Company and US-based Acropolis Capital Group have formed a construction joint venture to take up large-scale housing projects in India and abroad.

The new company, Sahara Turner Construction Ltd, has 63 per cent shareholding by Sahara Prime, 10 per cent by Turner Construction and the rest 27 per cent by Acropolis.

To begin with, the company will invest $100 million to build up capability and undertake large construction works.

With the formation of this firm, all construction work at Sahara Prime City across India will come under Sahara Turner, which is headquartered in Mumbai.

Sahara Prime City would be Sahara Turner's first and main customer. It is planned that construction volume of Sahara Prime City will reach $25 billion in the next 20 years, of which projects worth $2.5 billion will be completed in the next five years. Sahara Turner will execute this entire construction.

Apart from this, Sahara Turner would accept construction contracts from third parties both in housing construction and infrastructure space. The firm will also undertake construction of hospital and school projects as well.

"This company will provide the best available international quality and technology in India. I am sure this venture will offer the most-effective solutions and services to the Indian real estate and infrastructure sector. We have joined hands with Turner to take quality standards to a bigger and better level," said Subrata Ray, managing worker and chairman, Sahara India Pariwar.

"We look forward to making a significant contribution to the construction market in one of the world's fastest growing economies. We take ethics seriously and will work with integrity," said Nicholas E. Billotti, president and chief executive officer (CEO) of Turner Construction International.

"We believe this joint venture possesses the ingredients for achieving transformative success in the Indian market and we are honoured to be one of its founding partners," said Annant Jain, managing partner, Acropolis Capital Group, which is a special situation investment and development firm.

Sahara Turner will look at opportunities in neighbouring countries and soon start a largescale housing project in Bangladesh. It also plans to enter development and ownership space of building infrastructure projects using the experience and expertise of Turner, gained over 110 years of operations.

Turner will transfer its international resources to Sahara Turner and assemble a team of leaders from across its global offices for the company.

Tag: Real estate in india, India property
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