New Delhi, Dec. 14
Engineering and construction services firm Punj Lloyd Ltd has set up a new company for carrying out back-office engineering activities for the group in India. The new engineering services outsourcing company Simon Carves India Ltd, would be set up as a wholly owned subsidiary of Punj Lloyd and would cater to the group's engineering requirements, the company said in a statement.
Punj Lloyd has appointed Mr Sanjay Goel as the CEO of Simon Carves India. Simon Carves, would cater to the group's engineering requirements in the initial phase and specialised verticals would be gradually built up with domain specialists to provide off-shore engineering services across other sectors as well outside the group, it added.
Simon Carves India would integrate the engineering expertise of Punj Lloyd with its two recent acquisitions Sembawang Engineers and Constructors and Simon Carves, UK. Engineering Services Outsourcing (ESO) holds tremendous potential as reports indicate that it can garner around 25 per cent of the global ESO pie, worth around $50 billion by the year 2020.