Leighton acquires full ownership of joint venture in India

~~SYDNEY – Leighton Holdings has bought out the 39.9% stake held by the Welspun Group in its joint venture in India, Leighton Welspun, for US$99 million and now has full ownership of the business, will is to be renamed Leighton India.

The joint venture, established in 2010, aimed to provide a strategic partnership that could capitalise on opportunities in the Indian infrastructure sector, especially Public Private Partnerships. Leighton says it continues to see long-term prospects in the Indian market, and the opportunity to acquire the Welspun stake came from a decision by Welspun to focus on its core businesses (including textiles, pipes, energy and steel). www.leighton.com.au (ATI).