The DLF Laing O'Rourke joint venture, formed last year, is syndicating a $1.5 billion infrastructure fund that will target investment mainly from foreign investors. The investors have been lined up and the fund is expected to close later this year. | |
| This is probably the first instance of construction and infrastructure companies setting up such a fund. Recently, financial institutions Citigroup-Blackstone-IIFCL-IDFC set up a $ 5 billion infrastructure fund. |
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| Laing O'Rourke is a European infrastructure and real estate company based out of the United Kingdom. It signed a 50:50 joint venture with DLF at an initial investment of Rs 500 crore. The venture is currently developing 100 million square feet of DLF's projects across India. |
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| "The fund will invest not only in infrastructure projects undertaken by DLF Laing O'Rourke, but projects of other companies that we think would offer high returns," said Ray O'Rourke, chairman and chief executive officer, Laing O'Rourke. |
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| "We will invest in an array of projects, including railways, national highways, airports and oil, gas, water pipelines," said Dhiraj Singh, country head, Laing O'Rourke. |
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| The joint venture is targeting a project value of Rs 2,500 crore in 2007-08 and plans to hire another 1500 direct staffers. It currently has 500 people on the rolls. "The business will grow 100 per cent annually for the next two-three years," Singh added. |
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