The company said it had agreed to buy Welspun’s stake in the JV on December 27 last year to achieve 100% ownership.

All procedural conditions have been completed and settlement has occurred.

"The $99 million cash transaction was concluded on February 7 with the simultaneous transfer of shares back to Leighton International, a wholly owned subsidiary of Leighton Holdings," the company said in a statement to the Indian market on Monday.

The purchase is part of Leighton's strategy to consolidate its operations in India.

“We continue to see long-term prospects in the Indian market and will now be able to benefit from the full extent of services offered by our reporting company Leighton Asia, India and Offshore, as well as other Leighton Group companies and go to the market as a single brand Leighton and best consolidate our competitive position," Leighton India managing director Jim Salmon said.

Leighton Welspun will be renamed Leighton India Contractors.