MANILA: Some of the Philippines' largest conglomerates, including Ayala Corp and SM Investments Corp, are joining forces to bid for the country's largest infrastructure scheme - a 123 billion pesos ($2.79 billion) tollway and dike project.

Aboitiz Equity Ventures Inc and Megaworld Corp joined property developers Ayala Land Inc and SM Prime Holdings Inc to form Trident Infrastructure and Development Corp.

The consortium filed initial documents for involvement in the Laguna Lakeshore Expressway Dike project on Friday.

Trident marks the first time all four groups have formed a partnership for a single venture.

More than 20 local and foreign companies including San Miguel Corp and Malaysia's MTD Capital Bhd earlier obtained necessary documents to bid for the government's largest public-private partnership project to date.

The project includes the construction of a 47 kilometre (29.2 mile) expressway and a 45 kilometre flood control dike, involving the reclamation of around 700 hectares (1,729.74 acres) of land south of the capital Manila.

Copyright Reuters, 2015