Leighton Holdings, which claims to be the world’s largest contract miner, has agreed to purchase the Welspun Group’s 39.9% stake in its Indian-based joint venture, Leighton Welspun for $99 million to achieve 100% ownership of this business. Leighton will rename the business Leighton India. It will continue to report through Leighton Asia, India and Offshore under LAIO Managing Director Ian Edwards. As a part of the Business Transformation program currently under way across the Group, LAIO will take the opportunity provided by the move to 100% control of Leighton India to undertake a review of its operations and consider integrating several business units to both lower costs and provide greater business opportunities.

This opportunity arose from the decision by Welspun to reposition its infrastructure business and to focus on its core businesses (including textiles, pipes, energy and steel). 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 continues to see strong long-term prospects in the Indian market.

Leighton’s Business Transformation program – encompassing working capital management; global business services; strategic procurement; management structures; and group asset management – aims to strengthen the Group’s balance sheet, improve efficiency and lower costs.