The Hindu Business Line : Punj Lloyd forms jt venture co in Saudi

Engineering construction major Punj Lloyd (PLL) has announced a joint venture with His Royal Highness Prince Khalid Bin Bandar Bin Sultan (KBS), Kingdom of Saudi Arabia. The jointly owned company with the share capital of 2 million Saudi Riyals would be named Dayim-Punj Lloyd Engineering Ltd, in which PLL would hold 49 per cent, while KBS would hold 51 per cent stake.

Dayim-Punj Lloyd Engineering Ltd will operate in engineering, procurement, construction, commissioning of onshore and offshore projects for the hydrocarbon sector, power, chemical, water and sewage sector, civil infrastructure and industrial projects in the Kingdom of Saudi Arabia.

Prince Khalid Bin Bandar Bin Sultan will be the Chairman of Dayim-Punj Lloyd. PLL would provide engineering, design, construction and project management expertise, apart from selecting, hiring the requisite manpower and assisting the joint venture in identifying and selecting suppliers for equipment. KBS' role would be to identify commercial opportunities for the joint venture in Saudi Arabia and to liase with various governmental and regulatory authorities, besides organising banking facilities.

Commenting on the announcement of the joint venture, the Chairman and Managing Director, Punj Lloyd Ltd, Mr Atul Punj, said, "This JV will help PLL identify new business opportunities in Saudi Arabia. It will be a powerful vehicle for both companies to expand roles in Saudi Arabia by offering the best of each company's expertise along with a dedicated service and support organisation. The formation of this 49:51 joint venture provides PLL a greater opportunity to participate in the mainstream of the Saudi Arabia market".