Punj Lloyd To Buy 25% In Pipavav Shipyard

Engineering and construction major Punj Lloyd has signed a Memorandum of Understanding (MOU) to invest Rs 403 crore for 25.1 per cent stake in Pipavav Shipyard Limited (PSL). PSL will provide Punj Lloyd access to fabrication facilities for platforms, SBMs, rigs and jackets to exploit the opportunities in the shipyard sector. Punj Lloyd is currently executing the Heera Field Redevelopment project for ONGC. The facility at Pipavav Shipyard can also be used for fabrication of vessels for petrochemicals and refineries. The company expects to gain from the increasing demand for offshore facilities in India and abroad and with the ongoing shortage of shipyard capacity in India and globally.