| The company has roped in Sanjay Goel, earlier senior vice-president and a business leader at Genpact Global, as the chief executive officer of the wholly-owned subsidiary. |
| "The engineering back office will take care of not only the in-house work but also cater to outside clients," Punj Lloyd Chairman Atul Punj told Business Standard. |
| The engineering outsourcing company will work on several verticals "� such as process engineering, pipeline, refinery, etc. Currently, Punj Lloyd does much of this overseas. |
| The company also intends to build other verticals in the new company with domain specialists to provide offshore engineering services to other sectors, such as automotive, aeronautics, telecom, utilities, etc. |
| According to a recent report by the National Association of Software and Services Companies (Nasscom) and Booz Allen Hamilton, titled Globalisation of Engineering Services, the engineering services market is worth about $15 billion, in which India's share stands at 12 per cent. |
| It is estimated that India will corner 25 per cent of the global business (worth $50 billion) by 2020. The growth will be on account of global companies seeking to outsource high-quality engineering services to emerging markets. |
| Punj Lloyd, which was listed at stock exchanges earlier this year, has been growing rapidly and its order backlog stands over Rs 12,000 crore. That makes it India's second largest engineering and construction company. |
| It has acquired SembCorp in Singapore and formed joint ventures with overseas companies. |
| "We did not want the new subsidiary to be confused with construction and infrastructure. Which is why we decided to set up a separate company. At some point, we may want to unlock value in it," said Punj. |
| He however declined to elaborate how the value will be unlocked. A public offering, he said, was too premature to talk about. |
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