Sahara India, US-based Turner Construction Company and Acropolis Capital Group have together formed a construction company that plans to build realty projects undertaken by the Sahara India Group worth $2.5 billion over the next five years in India, the companies said on Thursday. The group has plans to build projects worth $25 billion over the next 20 years.
Sahara India will initially 
invest $100 million and will hold 63 % while Turner Construction will hold 10% in the new company. The balance will be held by Acropolis.
Sahara, with assets of $26 billion, has interests in finance, infrastructure and real estate, hospitality and media and entertainment. Turner, a subsidiary of German construction Group Hochtief, builds about $8 billion worth of projects every year. It was the project manager for Burj Khalifa, the world’s tallest tower. Acropolis is a special situation investment and development firm.
According to Sahara’s Chairman, Subrata Roy, the group plans to raise its investment to more than $300 million later. The company will also pursue third-party building and construction projects.
The new joint venture will get projects of 129 crore sq ft immediately, the cost of whose construction on an average would be around Rs 1,20,000 crore, Roy said.
