Real estate developer Emaar MGF today announced its tie up with Australia's Leighton Group to set up a joint venture construction company with an initial investment of up to $150 million.Emaar MGF, a joint venture between Dubai-based Emaar Properties and MGF Developments, will have equal partnership with Leighton, Australia's largest project development and contracting firm, in the JV - Leighton Construction India.The JV firm would initially offer design and construction services for Emaar MGF projects across the country."The JV company will make an initial investment of up to $150 million to bring in latest technology and global expertise in design, construction and safety," Shravan Gupta, executive vice chairman and managing director, Emaar MGF said.The JV firm is likely to execute construction for project volumes of $2.5 billion over the next few years, David Savage, managing director, Leighton Asia Southern said.On Emaar MGF's plan to hit the capital market, Gupta said: "We plan to come out with an initial public offer in next 12-18 months.""We are well-funded company and have a very low level of debt," he said, adding the company would be diluting 10% share through its public issue.
