Sahara Prime City, the real estate arm of Subroto Roy-led Sahara Group, on Thursday announced a joint venture with US-based construction major Turner Construction and special situation investment firm Acropolis Capital. The venture will invest $100 million or around Rs 500 crore within the next five years.
Sahara Prime would be the majority shareholder and would hold 63% stake in the joint venture company Sahara Turner Construction Ltd, while Turner and Acropolis will hold the rest.
The joint venture company would focus on construction projects of the Sahara Group in the first phase and would undertake construction projects for other companies at a later stage, said Roy.
Turner and Acropolis refused to divulge details regarding their individual stakes in the venture.
The ownership and profit sharing percentage is expected to change at a later stage.
Sahara Prime, which had earlier planned to hit the primary market, is all set to foray into Mumbai’s real estate market. “We have bought a 100-acre land parcel in Mumbai and would develop a township there, but at this point in time we would not like to comment,” said Roy.
The company’s construction volume would reach $25 billion or Rs 1.3 lakh crore within the next 20 years and $2.5 billion or Rs 12,500 crore within the next three years, Sahara Prime said.