| Punj Lloyd, along with the Essar Global, were in the race for acquiring SembE&C last year. Essar has opted out of the race. According to sources close to the development, Punj Lloyd may close the deal soon. |
| The cost of the acquisition is not known. Punj Lloyd had announced its plan to float $125 million foreign currency convertible bonds (FCCBs) in March. |
| The proceeds from this offering were to be used primarily to finance the company's acquisitions outside India and other ongoing capital expenditure, the company had indicated in its notice to the Bombay Stock Exchange in March. Punj Lloyd had a cash reserve of Rs 444 crore on March 31, 2005. |
| Punj Lloyd Managing Director Atul Punj was unavailable for comments and company executives declined to make any statement on the development. |
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