November 21, 2008

Punj Lloyd acquires 74% stake in Technodyne

BS reported that Punj Lloyd Group has acquired a strategic 74% stake in Technodyne International Limited of UK for an undisclosed amount.

Punj Lloyd, in a statement, said that "This acquisition is a strategic fit and further strengthens Punj Lloyd's existing tankage and terminal business. The acquired capabilities enable it to provide end to end solutions for complete delivery of complex cryogenic, high pressure LNG, LPG, ethylene, ammonia and other similar storage tanks, a significant growth area in oil & gas sector. The capabilities will also be leveraged for design of refinery and petrochemical projects."

Punj Lloyd has been the only company to be involved in all three LNG terminals in Dahej, Dabhol and Hazira in India. It has also completed the cryogenic storage tank package at the Reliance Jamnagar refinery, among other notable tankage projects in South Asia, Asia Pacific and the West Asia successfully in the past.

Technodyne is a specialist engineering, design and consultancy company specializing in large scale cryogenic and high pressure tanks. With projects executed across the world, Technodyne carries out the basic design and detailed engineering for complete steel and steel plus concrete tanks including associated piping, instrumentation and electrical systems.