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Issue Date: February 2012, Posted On: 2/16/2012

Turner Construction to spearhead $2.5B in Indian real estate

New York’s Turner Construction Co., London’s Acropolis Capital Group and India’s Sahara Prime City Ltd. joins forces in Sahara Turner Construction Ltd. and plan to develop and construct multiple townships across India to the tune of $2.5 billion over the next five years. The partnership will be managed by Turner and the company will provide construction services and lead in the development of townships. Turner also said that, over time, it will serve clients in other markets such as infrastructure, health care and hospitality.

The formation of this company underscores Sahara Prime’s commitment to the delivery of affordable housing at a high standard of quality and on a timely basis, the company said.

“We are extremely excited with the partnership we have established with Sahara Prime City and look forward to making a significant contribution to the construction market in one of the world's fastest growing economies,” said Nicholas Billotti, president and CEO of Turner’s international division.

Headquartered in New York and founded in 1902, Turner Construction is one of the top general builders in the United States. Turner annually completes $8 billion of construction.

Sahara Prime City is part of the Sahara India Pariwar, a business conglomerate in India with assets of $23 billion. Sahara 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 and health care.

Speaking at the official launch of Sahara Turner in India, Subrata Roy Sahara, chairman of Sahara India Pariwar said, “It gives me great pleasure to announce the launch of Sahara Turner Construction Ltd. 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.”

“This association is of great significance, and will help in making the Indian infrastructure and housing projects more effective in cost, time and quality,” said Anant Jain, managing partner of Acropolis Capital.

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