Sahara India Pariwar today announced the formation of an integrated construction services joint venture with US-based Turner Construction International and Acropolis Capital Group.
Sahara will initially invest $100 million and will hold 63 per cent of the JV's equity while the other two partners will hold the remaining stake, Sahara Group chairman Subrata Roy said at a function in Mumbai today.
Sahara would raise its investment to $300 million later, he said, adding that the structure of the JV may also change.
The JV, to be called Sahara Turner Construction Ltd, plans to build projects worth $2.5 billion in India in five years, the partners said.
The joint venture also announced the launch of its first project, Sahara Prime City Ltd.
The plans were announced at a joint press conference by Turner Construction chief executive Nicholas Billotti and Sahara Group chairman Subrata Roy.