Sahara Prime City Limited Establishes Partnership
with USA’s, Turner Construction Company;
enters the Indian Construction and Infrastructure Sector
The Company, Sahara Turner Construction Limited aims to provide world class Integrated Construction Services in India
Mumbai, February 9, 2012: Sahara Prime City Limited, the real estate flagship company of Sahara India Pariwar, along with Turner Construction Company, America’s largest building construction contractor and the Acropolis Capital Group, a Special Situation Investment and Development Firm has formed a joint venture to serve the construction and development market in India. The company, Sahara Turner Construction Limited was launched today by ‘Saharasri’ Subrata Roy Sahara - Managing Worker & Chairman, Sahara India Pariwar, Mr. Nicholas E. Billotti - President and C.E.O., Turner Construction International and Mr. Annat Jain - Managing Partner, Acropolis Capital Group.
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 of Sahara Turner Construction Limited, ‘Saharasri’ Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar said, “It gives me great pleasure to announce the launch of Sahara Turner Construction Limited. 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.”
Mr. Nicholas E. Billotti - President & C.E.O., Turner Construction International 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.”
Mr. Annat Jain - Managing Partner, 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.”
About Sahara Prime City Limited
- Sahara Prime City Limited is part of the Sahara India Pariwar (http://www.sahara.in/index.html), a major business conglomerate in India with assets having the market value of $ 25.94 billion. The Sahara Group has operations in multiple sectors, including financial services, life insurance, mutual funds, housing finance, print and television news media, entertainment channels, cinema production, consumer merchandise retail, healthcare. The Sahara Group was founded in 1978.
- Sahara’s real estate flagship company, Sahara Prime City Limited is one of the largest real estate development companies in India, based on the size of its land reserves available for development and number of locations in which its land reserves are located.
About Turner Construction Company
- Turner is the leading general builder in the U.S., ranking first or second in the major segments of the building construction field. Turner annually completes $8 billion of construction. Turner is the only builder offering clients a network of offices across the U.S. Founded in 1902, the firm is a subsidiary of HOCHTIEF, a publicly traded company and one of the world's leading international construction service providers. For more information, visit Turner's website at www.turnerconstruction.com.
About Acropolis Capital Group