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Leighton Holdings Ltd (ASX:LEI) has completed the sale of a 35 per cent stake in its Indian operations to Indian conglomerate Welspun Group.
While the cost of the transaction has not been revealed, Australia's biggest contractor says it has already received the payment from Welspun.
Both companies will now look to build a strategic partnership to advance Leighton’s operations in the Indian infrastructure sector.
Earlier this month Leighton launched a $757 million capital raising after slashing its full year guidance by over $900 million while at the same time warning of cost blowouts.
In the six months to 31 December 2010, Leighton Holdings recording a net profit of $218 million.
