Emaar MGF to go down under to scale up

New Delhi: Real estate major Emaar MGF has floated a 50:50 JV with Australian construction major Leighton Asia to execute projects worth $2.5 billion in India over the next five years.
The JV has earmarked an initial investment of $150 million for the first three years. The Australian construction company, which is also eyeing mining and airport construction projects in India, plans to cross $1billion in turnover over the next two years.
The JV will limit itself to real estate projects being developed by Emaar MGF, while the Australian company would be free to pursue infrastructure business in the country.
Leighton Asia Southern, a flagship company of the Leighton Group, with annual revenues of over $8 billion, has over the last two years secured $600-million worth of infrastructure and building projects in the country.
Emaar MGF also planning to enter the airport modernisation business when the government puts out 35 non-metro airports for upgradation. Talks are currently on to rope in an international airport operator while bidding for the projects.
22/05/07 Economic Times

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Categories: Airports May 2007