Global construction and mining major Leighton Group today said it is investing about $50 million (over Rs 220 crore) in two port projects in India being developed with Vedanta Group firm Sterlite Industries.
"We hold 26 per cent equity in two port projects - Vizag and Paradip, which are being developed with Sterlite Industries. At the moment, our investment in two projects is around $50 million," Leighton Contractors India Chief Executive Officer Mike Shaw told PTI.
The Vedanta Group had earlier this year announced Rs 900- crore joint venture projects with Leighton Contractors India, the Indian subsidiary of the Australian diversified group.
The 74:26 JV company will build a multi-purpose berth for handling clean cargo, including container, on a build-operate- transfer (BOT) basis at the Paradip port. At Vizag, the companies will jointly mechanise the coal handling facilities.
The two projects will entail an estimated investment of Rs 900 crore, Sterlite Industries, which is the flagship firm of London-based Vedanta Resources had said.
Leighton Contractors India, which commenced operations in India in 1998, is banking big on Indian infrastructure and port sectors.
"Naturally, over a period of time, our investments in the sector would grow," Shaw said.
The Australian firm is involved in civil engineering, building, offshore oil and gas and telecommunications projects across the country.
