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Punj Lloyd to set up company in Saudi Arabia

CHENNAI: Punj Lloyd Ltd. (PLL) has announced a joint venture with the Kingdom of Saudi Arabia. The jointly owned company with a share capital of two million Saudi Riyals would be named `Dayim-Punj Lloyd Engineering Limited' in which PLL would hold 49 per cent while KBS would hold 51 per cent stake. The joint venture company will operate in engineering, procurement, construction and commissioning of onshore and offshore projects for the hydrocarbon, power, chemical, water and sewage sectors.

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