Sahara, US’ Turner in construction JV | Latest News India - Hindustan Times
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Sahara, US’ Turner in construction JV

Hindustan Times | By, Mumbai
Feb 10, 2012 12:42 AM IST

Sahara Prime City, the real estate arm of Subroto Roy-led Sahara Group, on Thursday announced a joint venture with US-based construction major Turner Construction and special situation investment firm Acropolis Capital. The venture will invest $100 million or around Rs 500 crore within the next five years. HT reports.

Sahara Prime City, the real estate arm of Subroto Roy-led Sahara Group, on Thursday announced a joint venture with US-based construction major Turner Construction and special situation investment firm Acropolis Capital. The venture will invest $100 million or around Rs 500 crore within the next five years.


Sahara Prime would be the majority shareholder and would hold 63% stake in the joint venture company Sahara Turner Construction Ltd, while Turner and Acropolis will hold the rest.

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The joint venture company would focus on construction projects of the Sahara Group in the first phase and would undertake construction projects for other companies at a later stage, said Roy.

Turner and Acropolis refused to divulge details regarding their individual stakes in the venture.

The ownership and profit sharing percentage is expected to change at a later stage.

Sahara Prime, which had earlier planned to hit the primary market, is all set to foray into Mumbai’s real estate market. “We have bought a 100-acre land parcel in Mumbai and would develop a township there, but at this point in time we would not like to comment,” said Roy.

The company’s construction volume would reach $25 billion or Rs 1.3 lakh crore within the next 20 years and $2.5 billion or Rs 12,500 crore within the next three years, Sahara Prime said.

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