Punj Lloyd, S Arabian prince ink deal

Punj Lloyd has announced a joint venture with Prince Khalid Bin Bandar Bin Sultan of the Kingdom of Saudi Arabia.

According to a release issued by Punj to the BSE today, the jointly owned company with a share capital of 2 million Saudi Riyals would be named Dayim Punj Lloyd Engineering, and the company would hold 49% stake in the JV.

"Dayim Punj Lloyd Engineering will operate in engineering, procurement construction and commissioning of onshore and offshore projects in the hydrocarbon, power, chemical, water and sewage sector, and civil infrastructure and industrial projects in the Kingdom of Saudi Arabia," the release added.

Prince Khalid Bin Bandar Bin Sultan will be the chairman of Dayim-Punj Lloyd, the release added.