‘A strategic fit’ which will further strengthen existing biz range
New Delhi, June 3 Punj Lloyd has acquired a 74 per cent stake in UK firm Technodyne International Ltd for an undisclosed amount.
Technodyne is a specialist engineering, design and consultancy company specialising in large scale cryogenic and high pressure tanks.
With projects executed across the world, Technodyne carries out the basic design and detailed engineering for complete steel and steel plus concrete tanks, including associated piping, instrumentation and electrical systems. Technodyne also has track record in designing of test rigs, a Punj Lloyd release said.
The acquired capabilities will enable the group to provide end-to-end solutions for complete delivery of complex cryogenic, high pressure LNG, LPG, ethylene, ammonia and other similar storage tanks, a significant growth area in oil and gas sector, the release said.
The capabilities will also be leveraged for design of refinery and petrochemical projects.
“This acquisition is a strategic fit and further strengthens Punj Lloyd’s existing tankage and terminal business. Punj Lloyd, which has been the only company to be involved in all three LNG terminals - Dahej, Dabhol and Hazira in India, has also completed the cryogenic storage tank package at the Reliance Jamnagar refinery, among other notable tankage projects in South Asia, Asia Pacific and West Asia successfully in the past,” it added.
Punj Lloyd’s Rs 2 shares closed on the NSE today at Rs 280.90, down 2.2 per cent from the previous close ofRs 287.45.