Australian construction and contracting firm Leighton Holdings today said it has bought Welspun Group's entire 39.9 per cent stake in its Indian joint venture firm Leighton Welspun for USD 99 million.
The buy-out was a part of Leighton's strategy to consolidate its operations in India, according to a statement issued here.
With this sale, Leighton Welspun will now be renamed as Leighton India Contractors.
"The USD 99 million cash transaction was concluded on February 7 with the simultaneous transfer of shares back to Leighton International, a wholly-owned subsidiary of Leighton Holdings," the release stated.
Welspun Corp had acquired 35 per cent stake in 2011 and subsequently acquired additional shares in March 2013.
"We continue to see long-term prospects in the Indian market and will now be able to benefit from the full extent of services offered by our reporting company Leighton Asia, India and Offshore (LAIO) as well as other Leighton Group companies and go to the market as a single brand Leighton and best consolidate our competitive position," Leighton India Managing Director Jim Salmon said.
Leighton India has a portfolio of key building, oil and gas and infrastructure projects.
