Welspun Projects Ltd has informed the Bombay Stock Exchange (BSE) that on March 28, 2013, the Company has acquired 11,503,485 equity shares of Rs. 10 each comprising of 7.5% of the post issued share capital of Leighton Welspun Contractors Private Limited (LWIN). This acquisition is valued at around US$20 million.

This acquisition is a consequence of the Agreement dated March 05, 2013 signed by Welspun Projects and LWIN for transfer of 70% of EPC order book of the Company to LWIN.

Welspun Corp Limited, ultimate holding company of Welspun Projects, through its 50% held subsidiary company now holds 39.88% equity shares of LWIN, up 7.5 % from 32.38% equity shares.

Leighton Welspun Contractors Pvt Ltd (LWIN) is part of Leighton Group - one of the world's largest EPC & Contract Mining organisation. Leighton operations in India commenced with the first contract in 1998. In April 2011 Leighton invited Welspun to establish the joint venture, Leighton Welspun Contractors Pvt Ltd, by offering Welspun 35% equity in their Indian operations Leighton Welspun operates in the disciplines of Buildings, Civil and Infrastructure, Contract Mining, and Oil&Gas through its offices at Mumbai and Gurgaon (Delhi) as well as its project offices spread across the country.

Source: BSE - Welspun Projects