New Delhi, Jan 17 (UNI) DLF Ltd today said it has signed a Memorandum of Understanding (MoU) with Gayatri Projects Ltd (GPL) to develop roads and highway projects across the country worth at least Rs 1,000 crore every year.
''DLF and GPL together aim to develop projects worth at least Rs 1,000 crore every year, and in turn build a strong portfolio of projects in a short period of time,'' said a statement.
Under the terms of the agreement, DLF-GPL would together leverage the strengths of both parties to form Special Purpose Vehicles (SPVs) for development of highways.
DLF-Laing O'Rourke Ltd (LOR), the JV between DLF and LOR would be the contractor for the projects of DLF-GPL.
GPL at present has projects worth over Rs 3,450 crore under construction in states like Andhra Pradesh, Assam, Uttar Pradesh, Madhya Pradesh, Karnataka, Gujarat, Maharashtra and Orissa.
These projects include national and state highways, dams, reservoirs, ash ponds and major canal works.
''This venture is a significant development in the overall growth plan of DLF. Having already ventured into new businesses of hotels, SEZs and financial services, this MoU in infrastructure domain would further diversify its portfolio,'' company said a statement from DLF.
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