Punj Lloyd joins hands with Saudi prince
New Delhi, May 15: In order to tap the mainstream of the Saudi Arabia market, engineering construction major Punj Lloyd (PLL) today announced a 49:51 joint venture with 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.
KBS 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 JV in identifying and selecting suppliers for equipment.
The prince's role would be to identify commercial opportunities for the JV in Saudi Arabia and to liaise with various governmental and regulatory authorities besides organising banking facilities for the JV.
''This JV 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,'' PLL Chairman and Managing Director Atul Punj said.
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, he added.
PLL provides integrated design, engineering, procurement, construction and project management services for energy and infrastructure sector projects.