Welspun acquires 35% stake in Leighton Contractors

Welspun Group's Welspun Infra Projects today said it has acquired 35 per cent stake in Leighton Contractors (India) for Rs 470-crore to pursue infrastructure opportunities in India.

The transaction is subject to customary statutory, regulatory and other corporate approvals and is scheduled to be completed in the next 90 days.

Leighton Contractors (India) is the Indian arm of Leighton International Limited, one of the world's major project development and contracting organisations.

Welspun Group has engaged in the home textiles, steel, steel pipes, infrastructure, and oil and gas sectors.

"As Welspun continues to expand, we foresee great potential in the $500 billion Indian infrastructure sector", Welspun's Chairman BK Goenka, said in a statement.

He said the company would tap similar opportunites in neighboring countries and looked forward to this "strategic partnership as a catalyst for growth," Welspun's Chairman B K Goenka said in a statement.

Leighton Holdings' Chief Operating Officer David Savage said the agreement was about building a strategic partnership which would help get work in related areas of infrastructure.

"Leighton and Welspun are jointly interested in pursuing a range of opportunities across the infrastructure market, including transport and power sector projects," Savage said.