Leighton acquires $650m India deals
Leighton Holdings has cut deals in India worth $US550 million ($653.5 million). The construction and contract mining group disclosed it had been awarded two infrastructure projects: the Chenani-Nashri road tunnel in Jammu, northern India and the Vizag Port expansion.
The contract on the 9km Chenani-Nashri tunnel, which will be one of the longest in Asia, is valued at $US500 million. The project will take about 54 months to complete, with work to begin immediately.
The Vizag Port expansion project is worth $US45 million. Construction is expected to commence in July and end by mid-2012.
The contract requires Leighton to broaden the existing 350m general cargo berth by 21 metres for coal unloading, provide foundations for 2.5km of conveyor gallery, and put up a new stockyard and administration building.
''The Indian market presents enormous opportunities for Leighton, and we are well positioned with a strong mix of international experience and local knowledge to capitalise on the pipeline of projects coming forward over the coming years,'' said Russell Waugh, the managing director of Leighton India.
Leighton shares slid down 71 cents, or 2.45 per cent, to $28.24 in recent trade.