The Hindu Business Line : Emaar MGF, Leighton venture to focus on Palm Springs project

New Delhi, June 19 Emaar MGF’s 50:50 joint venture with Leighton Group would not carry out construction of the realtor’s Mohali Hills integrated township project as originally planned, and instead focus on construction of the Palm Springs project in Gurgaon, along with other upcoming projects.

According to sources, owing to “acclimatisation and feasibility issues”, the Mohali Hills project is now out of the ambit of the construction joint venture.

Emaar MGF has formed a 50-50 venture with Leighton Asia Southern, part of Australia’s Leighton Group, in May last year, to provide design and construction services for Emaar MGF’s projects across India.

“However, the proposed venture will work on construction of Palm Springs and other four-five projects that it identifies in the next six months,” sources pointed out.

Sources said Emaar MGF is in talks with various players to ensure continuity in construction of the Mohali Hills project, and added that the firm is likely to be finalised in the next five-ten days.

When contacted, an Emaar MGF spokesperson said, “Leighton is one of Emaar MGF’s preferred partners for the construction of our projects in India. As businesses have evolved, so have our partnerships and this is a normal corporate practice across the world. Leighton Construction India Private Ltd continues working on Palm Springs project and will be working on many of our new upcoming projects in the near future.”

Last year, the company had announced that the proposed company Leighton Construction India would invest $150 million in technology and design expertise over the next few years; and execute project with revenues in excess of $2.5 billion over the next seven years. Emaar MGF is a joint venture between Dubai’s Emaar Properties PJSC and India’s MGF Developments.

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