Australian company buys out Welspun in construction joint venture.

Leighton, the Australian unit of the world's fourth largest building company ACS, is buying out its Indian partner Welspun Group's 40% stake in the construction venture for about $100 million (Rs. 620 crore). Leighton's move is part of its strategy to consolidate operations in Asia's third-largest economy, said a person with direct knowledge of the matter.

The deal also realigns Welspun's infrastructure interests, with particular focus on road assets and projects synergistic with the $4-billion group's businesses. In 2011, Welspun, the B K Goenka - controlled pipes-to-home textiles enterprise, had acquired a 40% stake in the construction venture for Rs. 470 crore to capitalize on the country's infrastructure opportunities.


TOI