Diversified EPC conglomerate Punj Lloyd has made its foray into Kuwait by bagging a Rs 1,418 crore order for expansion and revamp of a depot from Kuwait National Petroleum Company (KNPC).
"Punj Lloyd has received a letter of award for expansion and revamping of Ahmadi Depot, Kuwait from KNPC. This project, valued at Rs 1,418 crore (USD 236.09 million), is scheduled for completion in 38 months," the company said in a statement.
The engineering, procurement and construction (EPC) company said Punj Lloyd's geographical presences has increased to 24 companies with the order.
The scope of work includes design, detailed engineering, procurement, construction and commissioning of 11 new floating roof product tanks with a capacity of about 228,000 cubic metres.
The project also includes civil work, emergency power supply and fire protection system among others.
Commenting on the order, company CEO - pipeline and tankage, Amit Jain said: "With this new order in Kuwait, we will play an important role in enhancing the storage and loading capacity of fuel at the Ahmadi Depot, which is one of the two depots, owned by KNPC."
Managing Director and Group CEO, Punj Lloyd, JP Chalasani added, "The recent cache of new contracts recieved globally, underlines our international clients confidence in Punj Lloyd. The first quarter has seen a good increase in our order book. As India's infrastructure opens up, we hope to see equal success in securing projects in India."
With this new contract, the group's order backlog stands at Rs 22,603 crore.
Shares of the company were trading at Rs 53.20 apiece, up 4.11 per cent from the previous close on the BSE.
