Punj Lloyd enters into JV with German co
Mumbai, Aug 24 (UNI) Engineering and construction major Punj Lloyd Limited (PLL) has entered into a joint venture agreement with Germany-based company Kaefer GmbH, a world leader in the insulation business, for developing innovative insulation solutions for various applications.
According to the agreement of the joint venture, PLL would hold 49 per cent stake, while Kaefer would hold 51 per cent stake.
Currently, Punj Lloyd Insulations executes insulation projects like cryogenic insulation for LPG and LNG terminals, hot and cold insulation for oil and gas sector, fertiliser plants, power plants and acoustic insulation.
The joint venture company will have three directors, two nominated by Kaefer and one by Punj Lloyd.
Commenting on the JV, PLL Chairman Atul Punj said, ''Being a niche business, it will open huge markets for KPLL in the booming Indian Economy.'' ''The joint venture is a significant business opportunity. It will open avenues for developing innovative insulation solutions for various applications. Our services will range from thermal insulations to refractory linings, coatings, acoustics and fire protection,'' he added.
UNI AR SSS SKB1930