logo
Leighton Asia secures contract for luxury residential project in Gurugram, India

Leighton Asia secures contract for luxury residential project in Gurugram, India

Yahoo05-06-2025
Leighton Asia, a subsidiary of CIMIC Group, has been awarded a significant contract to deliver a luxury residential project named Elan The Emperor in Gurugram, India, for the Elan Group, an Indian real-estate developer.
This contract is set to generate approximately A$200m ($129.6m) in revenue for Leighton Asia.
The project involves the construction of ten towers, each standing at about 145m tall, covering a built-up area of roughly 490,000m².
The development is located in the same vicinity where Leighton Asia is currently working on another project for the Elan Group, the eight-tower Elan The Presidential.
CIMIC Group executive chair and ACS Group CEO Juan Santamaría said: 'Securing further work for the Elan Group is a sign of Leighton Asia's commitment to safety and operational excellence. We are pleased to be providing another premium residential project for the growing population of the region.'
Leighton Asia managing director Brad Davey added: 'With more than two decades of on-the-ground experience in India, Leighton Asia takes pride in setting new benchmarks for quality and sustainability in large-scale residential projects. We are proud to be undertaking this prestigious project for the Elan Group.'
The luxury residential project is targeted to achieve Indian Green Building Council Leadership in Energy and Environmental Design Gold certification and will include civil and structural works, along with the management of subcontractors.
The commencement of construction is scheduled for September 2025, with completion expected in 2030.
CIMIC Group is engaged in engineering, services, construction, and natural resources sectors, employing 39,000 people and operating in approximately 20 countries.
The group includes several businesses such as CPB Contractors, Leighton Asia, UGL, Sedgman, Thiess (with a 60% ownership), and Pacific Partnerships, all of which are supported by the in-house engineering consultancy EIC Activities.
In August 2024, Leighton Asia secured another contract from the Elan Group to construct a mixed-use development in Gurgaon, India, which includes a shopping centre, a hotel, and a serviced apartment tower, with a total built-up area of approximately 207,000m².
"Leighton Asia secures contract for luxury residential project in Gurugram, India" was originally created and published by World Construction Network, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

India's Modi announces credit worth $565 million to the Maldives and launches free trade talks
India's Modi announces credit worth $565 million to the Maldives and launches free trade talks

San Francisco Chronicle​

time6 hours ago

  • San Francisco Chronicle​

India's Modi announces credit worth $565 million to the Maldives and launches free trade talks

COLOMBO, Sri Lanka (AP) — Indian Prime Minister Narendra Modi on Friday announced a $565-million line of credit to the Maldives during a visit to the Indian Ocean archipelago, as the two countries launched formal talks for a free-trade agreement. Modi is visiting the Maldives, known for its upmarket tourist resorts, to mark the 60th anniversary of its independence and diplomatic relations between the two countries. The announcement came during Modi's joint media statement with Maldives' President Mohamed Muizzu. The two-day visit is crucial to India's ambition to control the seas and shipping routes of the Indian Ocean in a race with its regional rival China. It also marks the further easing of diplomatic tensions between the two nations that followed the election of pro-China Muizzu in 2023. Regional powers India and China compete for influence in the archipelago nation, which is strategically located in the Indian Ocean. On Friday, Modi witnessed the exchange of agreements to cooperate in sectors such as fisheries, health, tourism and digital development. He also formally handed dozens of heavy vehicles to the Maldives' defense forces. 'India is Maldives' closest neighbor. Maldives holds an important place in both India's neighborhood- first policy and ocean vision," Modi said. 'India is also proud to be Maldives' most trusted friend.' The line of credit will be used for 'infrastructure and development projects in line with the priorities of the people of the Maldives,' he said. "India will continue to support Maldives in developing its defense capabilities. Peace, stability and prosperity in the Indian Ocean region is our common goal," he added. During Muizzu's visit to India last October, India announced financial support to the cash-strapped Maldives in the form of a $100-million treasury bills rollover and the countries signed a $400-million currency swap agreement. Tensions between India and the Maldives grew since Muizzu, who favored closer ties with China, was elected in 2023 after defeating India-friendly incumbent Ibrahim Mohamed Solih. Leading up to the election, Muizzu had promised to expel Indian soldiers deployed in the Maldives to help with humanitarian assistance. Last year New Delhi replaced dozens of its soldiers in the Maldives with civilian experts. Measure by Modi to promote tourism in India's Lakshadweep archipelago, off the southwestern coast of the Indian mainland, also sparked anger from Maldivians, who saw it as a move to lure Indian tourists away from their country. Indian celebrities then called for a tourism boycott to the Maldives. The dispute deepened when Muizzu visited China ahead of India in January last year, a move seen by New Delhi as a snub. On his return, Muizzu spelled out plans to rid his tiny nation of dependence on India for health facilities, medicines and import of staples. Relations started to improve after Muizzu attended Modi's swearing-in ceremony for a third five-year term. Muizzu has toned down his anti-Indian rhetoric, and official contacts with New Delhi have intensified as concerns grew about Maldives' economy. India has long been a critical provider of development assistance to the Maldives. Meanwhile, the Maldives joined China's Belt and Road Initiative in 2013 to build ports and highways and expand trade as well as China's influence across Asia, Africa, and Europe.

Debt-plagued Maldives to host Modi, continuing to rebuild ties with lender
Debt-plagued Maldives to host Modi, continuing to rebuild ties with lender

Yahoo

time9 hours ago

  • Yahoo

Debt-plagued Maldives to host Modi, continuing to rebuild ties with lender

By Shivam Patel and Uditha Jayasinghe NEW DELHI/COLOMBO (Reuters) -Prime Minister Narendra Modi is expected to enhance India's development partnership with the Maldives in a two-day visit this week to the Indian Ocean archipelago, where India competes with China for influence. Modi, who landed in Male on Friday, is the first foreign leader to visit President Mohamed Muizzu after he took office in 2023 with a pledge to end the Maldives' "India first" policy, and upgraded ties with China. Muizzu's moves briefly soured relations with New Delhi, before India helped to prevent the $7.5 billion economy from defaulting on its debt as the Maldives struggled to get tourists to its white-sand beaches and luxury resorts. He has since visited both countries, the Maldives' main bilateral lenders, to secure financial support, as well as signing trade pacts with China and Turkey and initiating talks with India on a trade agreement and an investment treaty. Indian Foreign Secretary Vikram Misri said steady diplomacy had helped to rebuild ties: "There will always be events that will impact or try to intrude on the relationship. But I think this is testimony to the kind of attention that has been paid to the relationship, and including attention at the highest levels." Former Maldives foreign minister Abdulla Shahid told Reuters that Modi's visit indicated Muizzu had "decided to step back and correct the narrative". India is expected to extend a line of credit worth $565 million to the Maldives, and talks on a Free Trade Agreement are expected to formally begin. Modi will also remotely inaugurate an expansion of the International Airport on the island of Hanimadhoo, which India is helping to finance, and attend Saturday's celebration of the Maldives' 60th anniversary of independence from Britain. Solve the daily Crossword

Rupee slides for third straight week as tariff deadline, Fed decision near
Rupee slides for third straight week as tariff deadline, Fed decision near

Yahoo

time10 hours ago

  • Yahoo

Rupee slides for third straight week as tariff deadline, Fed decision near

By Jaspreet Kalra MUMBAI (Reuters) - The Indian rupee fell to a one-month low on Friday, and logged its third straight weekly decline, pressured by outflows from local stocks and caution among investors ahead of a news-heavy week dominated by tariffs and central bank decisions. The rupee closed at 86.5150 against the U.S. dollar on Friday, down 0.4% on the week. The local currency hit a low of 86.6250 earlier in the session, its weakest level since June 23. India's benchmark equity indexes, the BSE Sensex and Nifty 50, fell about 0.9% each, weighed down by a fall in global equities alongside worries over weak corporate earnings and a delayed U.S.-India trade deal. Dollar sales from local private banks, likely on behalf of exporter clients, helped limit the rupee's losses, a trader at a Mumbai-based bank said. The dollar index was up 0.2% at 97.7 while Asian currencies declined by as much as 0.7%. Next week is poised to be eventful, with trade talks between U.S. and China, monetary policy decisions from the U.S. Federal Reserve and Bank of Japan, the reciprocal tariff deadline, and key U.S. economic data expected to keep traders on their toes. The odds of a rate-cut by the Fed are near-zero but investors will keep an eye on commentary from the Fed Chair and whether the decision is unanimous. "We maintain our view that the impact of tariffs will be transitory and that it will be appropriate for the FOMC to resume cutting interest rates gradually in September (by 25bp) with another 25bp cut in December," ANZ said in a Friday note. The chances of a rate cut in September are currently around 60%, per CME's FedWatch tool. Evolving rate cut expectations will also be in focus locally as cooling inflation has prompted calls for at least one more interest rate cut this year. The RBI slashed rates by 100 bps over the first half of the year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store