Punj Lloyd JV to execute Rs1,311-crore project in Libya

15 January 2009

Engineering, procurement and construction (EPC) group Punj Lloyd has entered into a joint venture with Libya's Public Works Company Tripoli.

Punj Lloyd will hold a majority 60-per cent stake in the joint venture that will execute a Rs1,311- crore contract for the execution of utilities in Souk Al Juma, Tripoli, Libya.

The contract, awarded by Libya's Housing and Infrastructure Board, is scheduled for completion in 40 months.

The scope of the  project includes engineering, procurement, construction and commissioning of infrastructure networks, water-sewerage-storm water mains and branch lines, roads and other facilities for Souk Al Juma.

With 60 per cent of the order values of both these Tripoli infrastructure orders, the order backlog for the Punj Lloyd Group on consolidated basis, as of September 2008, has gone up to Rs23,952 crore.

"Libya is a key market for Punj Lloyd and the group plans to expand its presence in the promising business environment of the country," said Atul Punj, chairman, Punj Lloyd Group.