News: Leighton sells stake in Indian business

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Leighton Holdings Ltd (ASX:LEI) has agreed to sell a 35 per cent stake in its Indian business to Welspun Corp for $104 million.

Leighton says the deal is expected to generate $80 million in cash and result in a one-off gain to the company of around $200 million.

Leighton's chief executive David Stewart says the firm has been working successfully in India for seven years and sees the transaction as an important part of taking its Indian business to the next stage of development.

Leighton says the deal with Welspun will provide the firm with greater access to the Indian market.

For the year ended 30 June 2010, Leighton Holdings reported a net profit of $615 million.