Privately held conglomerate Sahara India and US-based Turner Construction Co have formed a construction joint venture that plans to build projects worth $25 billion over 20 years in India, the companies said on Thursday.
Sahara, with assets of $26 billion, has global interests in finance, infrastructure and real estate, hospitality and media and entertainment. Turner, a subsidiary of German construction group Hochtief, builds about $8 billion worth of projects every year.
The joint venture, Sahara Turner Construction Ltd, aims to complete projects worth $2.5 billion over five years, the companies said.
Sahara India will initially invest $100 million 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 $300 million 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.