Home / Knowledge / News / Textiles / Welspun to sell its stake in Leighton Welspun India
Welspun to sell its stake in Leighton Welspun India
30
Dec '13
Welspun Corp Limited (WCL) announces that its subsidiary, Welspun Infra Projects Private Limited (WIPPL), has entered into a Share Sale agreement with Leighton Group to sell Welspun's entire 39.88% stake in Leighton Welspun Contractors India Private Limited (LWIN) for the net cash consideration of USD 99 million. With this sale, LWIN will be renamed as Leighton India.

In 2011, Welspun Corp Ltd acquired a 35% stake in LWIN for cash consideration of Rs 470 Crores, to capitalise on opportunities in the Indian infrastructure sector especially Public-Private Partnership projects and subsequently acquired additional shares in the entity in a cashless transaction worth Rs 115 Crores.

Welspun Corp Ltd is currently in four businesses viz Line Pipes, Energy, Infrastructure & Steel and enjoys a global leadership position in the first two businesses. It may be recalled that Welspun Corp Ltd is already in advanced stages of demerging the parts of its business other than Line Pipes into Welspun Enterprises Ltd through a court process.

Welspun Corp Ltd has decided to exit LWIN to enable Welspun to redirect its efforts and reposition itself in the infrastructure space which has synergies with its other businesses. To streamline the structure, Welspun Infratech Limited has also entered into an agreement with Welspun Infra Developers Private Limited to acquire its 40% stake in WIPPL.

The net proceeds received by Welspun will primarily be utilized to deleverage its balance-sheet. Welspun Group intends to concentrate on businesses which have potential to give it scale consistent with its quest for being in leadership position.

The transaction between Welspun Corp Ltd and Leighton Group shall be completed in the first quarter of 2014 once the procedural conditions are met.

Welspun Corp Limited


Must ReadView All

Textiles | On 20th Aug 2017

PetroVietnam, Vinatex discuss reviving PVTEX plant

Discussions are under way between PetroVietnam and textile and...

Courtesy: Mexx

Fashion | On 20th Aug 2017

RNF acquires Mexx fashion brand

RNF, the Dutch sports and fashion holding, has purchased the global...

Textiles | On 20th Aug 2017

Intertextile Shanghai Home Textiles opens on August 23

Intertextile Shanghai Home Textiles, Asia’s leading platform to meet...

Interviews View All

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

August 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
66.7%
No
16.7%
Skip
16.7%

Total Votes: 30

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
43.3%
No
36.7%
Skip
20.0%

Total Votes: 30

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.3%
No
6.7%
Skip
10.0%

Total Votes: 30

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
60.0%
No
10.0%
Skip
30.0%

Total Votes: 30


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search