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Australian builders to invest Rs12,000 cr in South India

Australian builders to invest Rs12,000 cr in South India
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First Published: Thu, Jun 21 2007. 10 06 AM IST
Updated: Thu, Jun 21 2007. 10 06 AM IST
PTI
Melbourne: Two of Australia’s biggest builders have tied up with a Dubai-based developer to enter ithe Indian real-estate industry. Seeing enormous potential in the fast developing construction industry and high profitability, they have confirmed this initiative after undertaking extensive study of trends and future projections.
Multiplex and Leighton Holdings have signed pacts with Emaar, one of Dubai’s biggest property companies, to carry out construction projects in northern and southern India.
While Multiplex struck a $3 billion (12,000 crore) deal to take up construction works in Southern India including Kochi, Goa and Hyderabad, the other major real-estate company, Leighton Holdings announced a $1.5 billion worth deal with Emaar which will essentially be operationalized in northern India.
Multiplex’s Dubai-based managing director for the Middle East and Britain, Graeme Robson, has signed the eight-year agreement with Emaar, which outlines the strategy, wherein construction projects will be rolled out in phases.
David Savage, managing director of Leighton Asia, southern has confirmed that they were building around 12 projects worth $600 million in the sub-continent. Also that the agreement with Emaar was initially for five years with an involvement in up to 100 additional projects.
They are also looking at exploring mining opportunities in India. Meanwhile 25% of Leighton’s $20 billion work in hand pertains to projects in north and southeast Asia, India and the Middle East.
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First Published: Thu, Jun 21 2007. 10 06 AM IST