The Hindu : Business : DLF signs MoU with Gayatri Projects

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Friday, Jan 18, 2008
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DLF signs MoU with Gayatri Projects

Special Correspondent

— PHOTO: KAMAL NARANG

SYNERGISING EXPERTISE:(from left) Rajeev Talwar, Group Executive Director, DLF, T. V. Sandeep Reddy, Managing Director, Gayatri Projects, and Brian Emerton, Managing Director, DLF Laing O’Rourke (India ) Ltd., exchanging documents after signing an agreement in New Delhi on Thursday.

NEW DELHI: DLF, a major real estate developer, on Thursday announced that it has joined hands with infrastructure firm Gayatri Projects to form a joint venture to develop roads, highways and bridges across the country. DLF and Gayatri Projects signed a memorandum of understanding in this regard.

“This is a joint venture between DLF and Gayatri with 50:50 per cent stake,” DLF Group Executive Director, Rajeev Talwar, told reporters here. DLF Laing O’Rourke Ltd, a joint venture between DLF and the U.K.-based Laing O’Rourke, would execute construction work for projects bagged by the new joint venture formed between DLF and Gayatri.

Gayatri Projects Managing Director, T. V. S. Reddy, said the joint venture would float separate special purpose vehicles for projects on development of highways.

“DLF and Gayatri will bid (for projects) as a consortium and when we get the projects, we will float SPVs for them,” he added.

To start with, the joint venture would initially look for projects in Maharashtra, Orissa and Andhra Pradesh.

The joint venture would not include projects already bagged by Gayatri.

“We plan to bid for new projects. We will combine our financial and technical strength for construction of roads and highways,” Mr. Talwar said, adding that the venture might also look at rail-road projects in future.

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