Leighton acquires Indian JV partner
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AAP
Construction and mining company Leighton Holdings Ltd has taken full ownership of its Indian-based joint venture, Leighton Welspun.
Leighton on Monday said it had acquired the Welspun Group's 39.9 per cent stake in the joint venture for $US99 million ($112 million), giving Leighton 100 per cent ownership.
The business will be renamed Leighton India.
The joint venture was established in 2010 to capitalise on opportunities in the Indian infrastructure sector.
Leighton said the opportunity to acquire the Welspun stake arose from Welspun's decision to reposition its infrastructure business and focus on its other activities, which include textiles, pipes energy and steel.
Leighton will review the operations of Leighton India and consider integrating several business units to lower costs.
The company said its 2013 underlying profit would not be affected by the transaction, which is expected to be completed in the first quarter of 2014.
Leighton's forecast underlying profit remains in the range of $520 million to $600 million.
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