The firms will now set up joint ventures in which the council will own a third stake.

Previous joint venture companies delivered a net profit of nearly £7.5m this year, according to the council.

As part of the tender process each of the bidders had to advise on the potential growth of the business and the community benefits that could arise as a result.

Highlights of the bids include the creation of more than 600 new jobs, opportunities for apprentices and people in long-term unemployment and training hundreds of people in conjunction with local colleges.

The joint ventures have also pledged to spend more than £200m with other local firms.

Deputy leader councillor Jim Smith said: “We are delighted to move forward with our new joint ventures.

“When we originally set these up 10 years ago we did not expect the levels of growth that our current joint ventures delivered but the fact that they have consistently exceeded both operational and financial targets is terrific news for everyone.

“Our residents expect quality services and the new joint ventures will be a way to continue to deliver that.

Just as important, though, is what these companies can deliver for North Lanarkshire in terms of training, employment and investment in the local economy and I am confident that we will see real, lasting benefits in all these areas.”