This article is from the Australian Property Journal archive
LEIGHTON Holdings has sold a 35% stake in Leighton Indian to Welspun Group amidst cost blowouts from the Middle East business.
“We will build a strategic partnership with Welspun that can capitalise on the enormous opportunities that are emerging in the Indian infrastructure sector,” Leighton CEO David Stewart said.
“The strategic partnership combines Leighton’s international construction capability and Welspun’s significant local market knowledge, a pipeline of construction work and preparedness to invest in infrastructure projects,”
“The Indian Government is planning to spend $US1 trillion on infrastructure projects during the XII Plan between 2012 and 2017, which should offer a wide range of projects for the new partnership to deliver,” he added.
“We see India as a major growth market in the future offering us the opportunity to develop a focused, diversified and sustainable business. In particular, the strategic partnership with Welspun will pursue opportunities in the transport and power sectors which play to Leighton’s existing contracting capability and experience,” Steward concluded.
Australian Property Journal
