Punj Lloyd forges a JV with KAEFER GmbH, Germany

Mumbai, Aug 24 (UNI) Punj Lloyd Ltd is entering into a joint venture with KAEFER GmbH, Germany, a world leader in the insulation business in which the Company will hold 49 per cent equity stake, while KAEFER will hold a majority 51 per cent stake.

Announcing this in a notice to BSE, the company said the joint venture company will have three directors, two nominated by KAEFER and one by the company.

Commenting on the JV, company chaiman Mr Atul Punj said, ''Being a niche business, it will open up huge markets for KPLL in the booming Indian Economy.'' ''This 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,'' added Mr Punj.

UNI SN KU SKB1823