Tuesday, May 15, 2012: 08:52:10 PM

National News

Sahara and Turner Ink $25 bn Deal to Form Sahara Turner Construction Limited

The real estate arm of the Sahara Group, named Sahara Prime city and the US based Turner Construction Company have entered into a mega realty deal of `12.5L cr to invest, execute, and maintain construction and infrastructure projects in the country. The deal marks the introduction of Sahara Turner Construction Limited (STCL) will push the construction volume of Sahara Prime City to $25 bn (`12.5L cr) in the next two decades.

The mega JV will complete the construction of projects involving investments of `12,250 cr ($2.5 bn) in the next five years. Subrata Roy – Chairman, Sahara Group, and Nicholas E Billotti – President and CEO, Turner Construction International, who penned the agreement have agreed to make STCL the preferred contractor for forthcoming projects. STCL will also serve as the expansion arm for third party projects offering and building multi-product, integrated construction services, covering the entire life cycle of building, infrastructure and real estate projects across the country.

STCL will initially invest `490 cr to build129 crore sq. ft space in the next few years. Sahara Group holds 63 percent stake in the JV, while the remainder of the stake rests with the partner. Besides, the group has planned to push its investment to more than $300 mn over a period of time.

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