Sahara launches construction JV with Turner

Sahara Turner aims to complete projects worth $2.5 billion over five years,cos say.

Privately held conglomerate Sahara India and U.S.-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.

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Sahara India will initially invest $100 million and will hold 63 percent 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.

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