Leighton Asia (Southern) and Emaar MGF Land PVT Ltd have announced the formation of a US$2.5 bil joint venture partnership. The 50/50 venture will provide design and construction services for Emaar MGF projects across India under the banner of Leighton Construction India Pvt Ltd. Emaar MGF, a subsidiary of Dubai developer Emaar Properties, is the largest foreign direct investor in Indian real estate with projects planned in the residential, hospitality, commercial and retail, SEZ's, IT parks, education and healthcare sectors.

David Savage, Managing Director, Leighton Asia (Southern), said: “With such a large pipeline of projects, this joint venture consolidates our future here in India for the long-term, and confirms our place as one of this country's leading construction contractors”.

According to a study by the Associated Chambers of Commerce and Industry of India (Assocham), the Indian construction industry is currently worth US$70 bil, and will soar up to a value of $120 bil by 2010.  In a statement, Venugopal Dhoot, President, Assocham said 'The massive investment in the construction industry will be driven by the growing requirements of sectors such as transportation, power, urban infrastructure, housing and irrigation”. These aspects, amongst others, he continued, would accelerate the growth of the construction industry to 15 percent a year. RFP

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