Sahara Prime City, the real estate flagship of Sahara India Pariwar on Thursday said it has floated a joint venture (JV) to foray into the business of construction services competing with the likes of Australia’s Leighton that has tied up with Welspun and domestic giants such as L&T, Shapoorji Pallonji and in house arms of firms such as GMR and Essar.

While Sahara will hold 63 per cent of the JV the balance will be held by US based Turner Construction, a subsidiary of German construction giant Hochtief and special situations fund Acropolis Capital group.

The JV which is being called Sahara Turner Construction Company will provide integrated construction services. “Sahara India will initially invest $100 million and may increase its investment up to $300 million late,” said Subrata Roy, chairman at Sahara India Pariwar.

The JV company hopes to build projects worth $25 billion over 20 years in India of which projects worth $2.5 billion (Rs 12,377 crore) will be completed over the next five years, claimed Roy.

Nicholas Billotti, CEO at Turner Construction International said, “We look forward to making a significant contribution to the construction market in one of the world’s fastest growing economies.” He however declined to provide details of the firm’s investment or shareholding in the joint venture.

Acropolis Capital too declined to state the size of their assets under management.