New Delhi : Emaar MGF, one of India's leading real estate firms Monday announced its joint venture (JV) with Australian construction major Leighton Asia Southern for developing projects worth $2.5 billion in India.
Leighton Asia Southern is part of $ 8 billion Leighton Group, whose operations are spread over the entire Asia-Pacific region. The new entity Leighton Construction India Pvt. Ltd. will provide world-class design and construction services for the various projects of Emaar MGF across India.
Initially, the new JV would invest upto $150 million with the option of ramping it up as and when required. It would also create employment opportunities for upto 100,000 people in the next five years.
Currently, the projects in the pipeline are Mohali Hills, The Views, The Central Plaza in Mohali and The Palm Springs in Gurgaon, Haryana – all under the residential segment.
"This JV with Leighton would prove instrumental for us in the completion of all our projects providing world-class infrastructure. This alliance is committed to introducing a completely new paradigm in construction practices in the sector," said Shravan Gupta, executive vice chairman and managing director, Emaar MGF Land Pvt. Ltd.
Emaar MGF, which itself is a JV between Dubai-based Emaar Properties PJSC and India's real estate firm MGF Developments, also signed a memorandum of understanding with Leighton Asian Southern Ltd.
"Indian real estate sector is booming and by forming a partnership with India's leading developer we will be able to leverage our current knowledge to take advantage of this boom," said David Savage, managing director, Leighton Asia Southern.
"This JV would be complimentary for both Emaar MGF and Leighton and we would bring in a lot of contract expertise and provide Emaar MGF with a premium product," Savage added.