Sahara & Turner form joint venture
Sahara Prime City Ltd along with Turner Construction Company and the Acropolis Capital Group have formed a joint venture to serve the construction and development market in India. The company, Sahara Turner Construction Ltd was launched by Subrata Roy Sahara – managing worker & chairman, Sahara India Pariwar, Nicholas E. Billotti – president & CEO, Turner Construction International and Annat Jain – managing partner, Acropolis Capital Group.
Sahara Prime City Ltd is the real estate flagship company of Sahara India Pariwar while Turner Construction Company is America’s largest building construction contractor. Acropolis Capital Group is a Special Situation Investment and Development Firm. Sahara Turner Construction Limited, which will provide integrated construction services in India, will lead the construction of the chain of ‘Sahara City Homes’ integrated townships and other projects of Sahara India Pariwar. It is planned that the construction volume of Sahara Prime City Limited will reach $ 25 billion over the next 20 years of which $ 2.5 billion will be completed over the next 5 years. Sahara Turner Construction Limited will be the preferred contractor for the execution of this entire volume of work.
While India has historically spent no more than 3-5% of its GDP per year on development of infrastructure, this number is expected to double over the coming years. It is estimated that over the next decade between $ 500 billion – $ 1 trillion will be spent on total infrastructure in India. Therefore, Sahara Turner Construction Limited will also pursue third-party building-construction projects, and shall aim to be a leading, multi-product, integrated construction services company which covers the life cycle of building infrastructure and real estate projects.
The company plans to enter the development and ownership space of building infrastructure projects using the experience and qualifications of Turner, gained over 110 years of operations. Turner is committing its international resources into Sahara Turner Construction Ltd. and will place a team of leaders from its offices across the world in the company.
Speaking at the launch, Subrata Roy said, “This joint venture is the coming together of people who believe in providing the best available international quality and technology to India. I am sure that this venture will offer the most effective solutions and services to the Indian real estate and infrastructure sector.” Billotti said, “We are extremely excited with the partnership we have established with Sahara Prime City Limited and look forward to making a significant contribution to the construction market in one of the world’s fastest growing economies.” Jain of Acropolis Capital Group, also commented, “Great partnerships can create great companies. We believe this joint-venture possesses the necessary ingredients for achieving transformative success in the Indian marketplace, and we’re honoured to be one of its founding partners.”