Punj Lloyd inks partnership with Saudi Arabian firm

New Delhi, Nov 10: Engineering and construction firm Punj Lloyd Ltd on Monday, Nov 10 said its wholly-owned arm -- Sembawang Engineers and Constructors Pte Ltd (Sembawang) -- has entered into a joint venture with Dayim Al-Haditha. Sembawang will take a 49 per cent stake in the joint venture while Dayim, which is supported by Saudi Arabia's Prince Khalid Bin Bandar Bin Sultan, will hold the remaining stake, the company said in a statement.

The JV company-- Dayim-Sambawang Engineering LLC-- is proposed to have a share capital of 20,00,000 Saudi Riyals, consisting of 1,00,000 shares of Saudi Riyals 20 each. The company will offer expertise and services in infrastructure projects such as hotels, hospitals and high spec residential and commercial projects.

In May 2006, Punj Lloyd had set up a JV with HRH Prince Khalid Bin Bandar BinSultan in which Punj Lloyd holds 49 per cent stake. This JV offers engineering, procurement and construction services for oil and gas, petrochemical and infrastructure sectors, the statement said.

UNI