Punj Lloyd buys 74% stake in UK firm

New Delhi, Jun 3 (UNI) Punj Lloyd Group today said it has bought a strategic 74 per cent stake in the UK-based Technodyne International Ltd, Eastleigh.

The company said in a statement that the acquisition is a strategic fit and further strengthens its existing tankage and terminal business.

However, the company did not disclose the amount.

Technodyne, a specialist engineering, design and consultancy firm carries out the basic design and detailed engineering for complete steel and steel plus concrete tanks, including associated piping, instrumentation and electrical systems.

Punj Lloyd, which has been the only company to be involved in all three LNG terminals -- Dahej, Dabhol and Hazira -- has also completed the cryogenic storage tank package at the Reliance Jamnagar refinery, among other notable tankage projects in South Asia, Asia Pacific and the West Asia successfully in the past.

The acquired capabilities 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 statement added.

The capabilities will also be leveraged for design of refinery and petrochemical projects.

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