The Hindu Business Line : Punj Lloyd acquires construction firm in Singapore for Rs 100 cr

Construction major Punj Lloyd Ltd on Friday said it has acquired a majority stake in Singapore-based SembCorp Engineers and Constructors for over Rs 100 crore. Punj Lloyd acquired an 88 per cent stake in the Singapore-based construction company through its wholly owned subsidiary in the country — Punj Lloyd Pvt Ltd, a company statement said. The company plans to acquire the remaining 12 per cent stake by December 2007, it said.

The acquisition is in line with the Punj Lloyd's plan to register its presence globally, it said. With the current acquisition, the company's operations will expand to Europe, China, besides Iran and other South-East Asian markets, it added.

SembCorp Engineers and Constructors, a wholly owned subsidiary of Asian utilities and marine group SembCorp Industries, prior to the acquisition, was a design-and-build engineering and construction service provider with core capabilities encompassing process and plant engineering, heavy civil engineering and building.

"The new entity will provide our Group access to new geographies and enhance our competitive positioning in existing markets and substantially enhance our Group's capabilities to tap complementary growth sectors like infrastructure and petrochemicals," the Punj Lloyd's Managing Director, Mr Atul Punj, said.

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