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Company News
New Delhi, May 21
Emaar MGF Land Pvt Ltd, India’s leading real estate developer, today announced the establishment of an equal partnership JV construction company in association with Leighton Asia Southern.
Leighton Asia Southern is part of the Leighton Group, Australia’s largest project development and contracting group with revenues of over US $8 billion. The JV company, Leighton Construction India Pvt Ltd, will offer world-class design and construction services for Emaar MGF projects across India, as its preferred customer.
The MOU was signed today by Mr. Shravan Gupta, Executive Vice Chairman and Managing Director, Emaar MGF Land Pvt Ltd and Mr. David Savage, Managing Director of Leighton Asia Southern Ltd. The new entity will introduce global best practices in construction for real estate and infrastructure development in the country.
The JV will invest up to US $150 million, and aims to become one of India’s premier construction entities. Leighton Construction India Pvt. Ltd. is likely to execute construction for project volumes in excess of US$ 2.5 billion over the next few years.
The establishment of the joint venture will ensure Emaar MGF’s projects become synonymous with quality construction, and the use of the world’s best construction practices and enable recognizable consistency across all Emaar MGF developments.
Elaborating on this partnership, Mr. Shravan Gupta, Executive Vice Chairman and Managing Director, Emaar MGF Land Private Limited said, “Driven by its mission of creating a new India, Emaar MGF continues to forge partnerships to bring world-class standards in real estate and infrastructure development. This alliance is committed to introducing a completely new paradigm in construction practices in the sector. We believe Leighton’s keen and growing understanding of the Indian construction industry will be critical to help us deliver on our vision here.”
He further added, “This association underscores our long term commitment to Indian real estate sector and will combine the enormous synergies of the individual companies to set new industry benchmarks.”
According to Mr. David Savage, Managing Director, Leighton Asia Southern “We are very excited to partner Emaar MGF. The Indian realty sector is booming and by forming a partnership with India’s leading developer we will be able to leverage our current knowledge to take advantage of this boom. The new entity will be focused on becoming a leader in the construction sector in India.”
Leighton Asia Southern has established itself as a force in the Indian construction industry. In a little over two years the company has secured over USD600 million in infrastructure and building projects, including projects for Nokia, Motorola, Flextronics, and Reliance. The Leighton Group is one of the world’s leading construction groups. Established in 1949, the Group operates throughout Australia, the Pacific, Asia and the Middle East. The Group’s work in hand currently stands at over USD16 billion. |
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