Australia’s Leighton, Emaar in $2.5 bn construction venture

Australia’s Leighton, Emaar in $2.5 bn construction venture
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First Published: Mon, May 21 2007. 03 01 PM IST
Updated: Mon, May 21 2007. 03 01 PM IST
AP
Sydney: Australian construction company Leighton Holdings Ltd said Monday it has formed a joint venture with leading India developer Emaar MGF Land expected to be worth around US$2.5 billion (euro1.86 billion or Rs10,156 crore) over the next five years.
The construction group’s Leighton Asia (Southern) division has signed the 50:50 joint venture to create Leighton Construction India, to provide design and construction services for Emaar MGF’s projects across India that span the residential, hospitality, commercial, retail, education and health care sectors.
“With such a large pipeline of projects, this joint venture consolidates our future here in India for the long-term, and confirms our place as one of this country’s leading construction contractors,” the division’s managing director David Savage said in a statement.
Emaar MGF Land is a joint venture between Dubai real estate company Emaar Properties and Indian property developer MGF Developments.
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First Published: Mon, May 21 2007. 03 01 PM IST
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