Welspun Group's privately held company Welspun Infra Projects will acquire 35% stake in Leighton Contractors (India) for Rs 470 crore to pursue infrastructure development projects in India and neighbouring countries.
“Leighton Contractors has the technical eligibility and with this arrangement we will have opportunity for participation in infrastructure development projects,” a Welspun Group official told ET.
The transaction is subject to customary statutory, regulatory and other corporate approvals which may be completed in 90 days, Welspun said in a statement.
Leighton Contractors is a part of Malaysia-headquartered civil engineering and infrastructure Leighton Holdings.
“Leighton and Welspun are jointly interested in pursuing a range of opportunities across the infrastructure market, including transport and power sector projects,” Leighton Holdings chief operating officer David Savage was quoted as saying in the statement.
“Our partnership with Welspun will allow us to bid very competitively for this upcoming infrastructure work,” he said.
Welspun Group, through its various subsidiaries, manufactures steel, pipes, and textile.
Source: Economic Times