Two of Australia''s biggest builders Multiplex and Leighton Holdings
have tied up with the Dubai-based Emmar group to enter Indian real estate industry.
Under the agreement
signed with Emaar, one of Dubai''s biggest property companies, Multiplex will invest
up to $3 billion to take up construction works in Southern India including cities
like Kochi, Goa and Hyderabad.
Holdings have announced $1.5 billion worth of deals with Emaar largely in northern
Robson, Multiplex''s Dubai-based managing director for the Middle East and Britain
signed the eight-year agreement with Emaar in which the construction projects
will be rolled out in phases, The Australian reported.
company has completed or is building around 12 projects worth about $600 million
in the sub-continent.
agreement with Emaar is initially for five years with involvement in up to 100
projects. The company is also eying India''s mining sector which is still evolving.
25 per cent of Leighton''s $20 billion work in hand is in north or southeast Asia,
India and the Middle East.
said it would build a ritzy 80-storey hotel in Dubai for Emirates Airlines at
a cost of $715 million. Emirates Park Towers Hotel, expected to be a six-star
facility, will add to Multiplex''s $3.38 billion pipeline in the region.
Dubai, the builder''s banners hang from around a dozen construction sites, including
some in the new financial hub, a 44.5ha site where western-based financial regulations
apply. Multiplex''s Middle East contracts are conducted through the jointly owned
Canada-based Brookfield Asset Management has made
a friendly $4.3 billion bid for Multiplex.. The Australian had earlier reported
Brookfield managing partner Sam Pollock as saying that the Toronto-based group
was also looking to expand into China, Japan and India.