MUMBAI (Reuters) - Privately held conglomerate Sahara India and U.S.-based Turner Construction Co have formed a construction joint venture that plans to build projects worth $25 billion over 20 years in India, the companies said on Thursday.
Sahara, with assets of $26 billion, has global interests in finance, infrastructure and real estate, hospitality and media and entertainment. Turner, a subsidiary of German construction group Hochtief (HOTG.DE) , builds about $8 billion worth of projects every year.
The joint venture, Sahara Turner Construction Ltd, aims to complete projects worth $2.5 billion over five years, the companies said.
Sahara India will initially invest $100 million and will hold 63 percent of the joint venture, Chairman Subrata Roy told reporters, adding the group could raise its investment to more than $300 million later.
Nicholas Billotti, chief executive of Turner Construction International, the company’s overseas business unit, declined to provide details of its investment or shareholding in the joint venture.
Reporting by Henry Foy; Editing by Ranjit Gangadharan