Rajiv Singh, vice-chairman of DLF, added that Laing O'Rourke was planning to float an infrastructure fund of about $1.5 billion with the help of international financial institutions and agencies. The JV hopes to achieve a turnover of Rs 5,000 crore by 2010-11.
With this alliance, DLF is confident of introducing new technology and processes, improved quality with a premium on safety, enhanced productivity and efficiency into construction and infrastructure programmes.
Laing O'Rourke is the largest building contractor in the UK and among the top three in the world. Its experience in international construction includes projects such as the National Bank in Dubai, Hong Kong Convention Centre, Oresund Crossing in Sweden and the on-going Terminal Five project at the Heathrow Airport, London.
This alliance is also planning to tap the infrastructure sector covering express highways, airports and hi-tech construction involving power plants and mega projects.
K P Singh, chairman, DLF, attributed LOR's expertise in construction and infrastructure development as a reason for going into partnership with them. He said that this partnership is going to change the shape of construction in India.
Singh also expects this partnership to lead to better training of human resources. DLF's workforce can now be trained at LOR's training schools in the UK.
Currently, DLF has construction activity spread over 100 million square feet in 12 cities and LOR will be playing an important role in DLF's pan-India presence.
Ray O'Rourke, chief executive, LOR, said that the JV will undertake significant projects under the DLF banner. Some of these key projects include super luxury apartments Magnolias and Mall of India in Gurgaon, commercial twin towers Jasola in New Delhi, the Noida Mall and the DLF IT Park in Bangalore.
