Turner Construction Company, Sahara Prime City Limited and Acropolis Capital Group Establish Partnership to Serve the Construction Market in India

Partnership to Provide Integrated Construction Services in India

Feb 09, 2012, 11:09 ET from Turner Construction Company

MUMBAI, India, Feb. 9, 2012 /PRNewswire/ -- Sahara Prime City Limited, one of India's leading real estate developers, Turner Construction Company, a leading general builder in the United States and Acropolis Capital Group, a financial investment firm, are proud to announce the formation of Sahara Turner. Sahara Turner will lead the development and construction of multiple townships across India with an approximate value of $2.5 billion over the next five years. The partnership will be managed by Turner.

The formation of this company underscores Sahara Prime's commitment to the delivery of affordable housing at a high standard of quality and on a timely basis.

The company will provide integrated construction services and lead in the development of townships.  Over time the company will serve clients in other markets such as infrastructure, healthcare and hospitality.

"We are extremely excited with the partnership we have established with Sahara Prime City and look forward to making a significant contribution to the construction market in one of the world's fastest growing economies," said Nicholas Billotti, President and CEO of Turner's International division.

Speaking at the launch of Sahara Turner Construction Limited, 'Saharasri' Subrata Roy Sahara, Managing Worker & Chairman, Sahara India Pariwar said, "It gives me great pleasure to announce the launch of Sahara Turner Construction Limited.  This joint venture is the coming together of people who believe in providing the best available international quality and technology to India. I am sure that this venture will offer the most effective solutions and services to the Indian real estate and infrastructure sector."

Mr. Anant Jain, Managing Partner, Acropolis Capital Group, also commented, "This association is of great significance, and will help in making the Indian infrastructure and Housing projects more effective in cost, time and quality."

About Turner Construction Company

Turner is the leading general builder in the U.S., ranking first or second in the major segments of the building construction field.  Turner annually completes $8 billion of construction. Turner is the only builder offering clients a network of offices across the U.S. Founded in 1902, the firm is a subsidiary of HOCHTIEF, a publicly traded company and one of the world's leading international construction service providers. For more information, visit Turner's website at http://www.turnerconstruction.com

About Sahara Prime City Limited

Sahara Prime City Limited is part of the Sahara India Pariwar (http://www.sahara.in/index.html), a major business conglomerate in India with assets having the market value of 23 billion Dollars. The Sahara Group has operations in multiple sectors, including financial services, life insurance, mutual funds, housing finance, print and television news media, entertainment channels, cinema production, consumer merchandise retail, healthcare. The Sahara Group was founded in 1978. Sahara's real estate flagship company, Sahara Prime City Limited is one of the largest real estate development companies in India, based on the size of its land reserves available for development and number of locations in which its land reserves are located. Currently Sahara Prime City Limited has seven integrated township projects, Sahara City Homes and one premium Sahara Grace project under construction. The aim is build the world's largest chain of integrated townships of Sahara City Homes.

About Acropolis Capital Group

Acropolis Capital Group is a Special Situation Investment and Development firm which focuses on Infrastructure and Real Estate in India. Acropolis' senior team has a combined investment experience of several decades. Prior to founding Acropolis, they led the South Asian investment and asset management operations of Avenue Capital Group, a global investment firm with more than $12 billion of assets under management. Core investment team has successfully invested more than $200 million across a wide range of Industries in asset classes and instruments, and developed energy and telecom businesses in South Asia and the US.

SOURCE Turner Construction Company