Punj Lloyd forms jt venture with German Co

MUMBAI: Engineering and construction major, Punj Lloyd Ltd on Thursday said it is entering into a joint venture with Germany-based Kaefer GmbH.

The company would hold 49 per cent in the joint venture, while Kaefer would hold 51 per cent stake, Punj Lloyd informed the BSE.

"Being a niche business, it will open up huge markets for the joint venture in the booming Indian economy. Our services will range from thermal insulations to refractory linings, coatings, acoustics and fire protection," Punj Lloyd Chairman, Mr Atul Punj said.

The joint venture company would have three directors, two nominated by Kaefer and one by Punj Lloyd.

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.

Shares of the company closed at Rs 765, up 2.84 per cent at the BSE. - PTI

ICICI code PUNLLO