Leighton Holdings Limited’s (ASX:LEI) subsidiary John Holland, as part of The Rail Transformation Consortium, is pushing ahead with proposed work on a busy rail corridor in Melbourne.
The consortium have signed an agreement with the Victorian Government as part of a step towards the delivery of the Cranbourne Pakenham Rail Corridor Project.
The project includes a major upgrade to one of Melbourne’s busiest rail corridors and the consortium also includes MTR Corporation and UGL Rail Services.
The latest agreement sets out the requirements which must be met by the consortium before a project agreement can be finalised with the state government.
A contractual close and start of work have been slated for mid 2015 while the project is expected to be completed in 2019.
Leighton Holdings reported a net profit of $285 million in the first half of the 2014 calendar year.