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| Punj Lloyd Group restructures across global geographies to drive growth | | Strategy to realign regional objectives with corporate goals |
| Announcement / Corporate Nov 11, 2009, 20:44 IST |
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Punj Lloyd Group, the diversified engineering, procurement & construction conglomerate, today announced a restructuring in its operating structure. Aimed at driving profitable growth, the new operating structure decentralizes the Group’s operations in various geographies to empower the regional heads and make them accountable for the opportunities that lie ahead.
In the new structure, Energy, which has been a key focus area of the Group, will have two independent operating entities. The South Asia / South East Asia operations including offshore and LNG global verticals will be headed by P K Gupta, Director on the Board, while Ravindra Kansal and Atul Jain, both President & CEO, will jointly Head the energy operations in Middle East, Africa and CIS countries.
In the infrastructure segment, Sembawang Engineers and Constructors (SEC) will continue to operate as a separate entity, with Ric Grosvenor as the President & CEO. Mr Grosvenor will also spearhead the operations of Sembawang UAE, a wholly owned subsidiary of SEC.
Building and Infrastructure India will be headed by B S Kapur, President & CEO and will focus on the vast infrastructure potential in the country.
Sanjay Goel will continue as Head of PL Engineering (erstwhile Simon Carves India) which will provide design & engineering expertise not just to Punj Lloyd Group but also to clients in oil & gas, automotive, aviation, and other sectors.
Simon Carves UK will concentrate on Biofuel and Nuclear opportunities.
Punj Lloyd Ltd. will operationally function as a holding company with Group-wide functions, providing support to all operating entities in the Group. It will provide growth capital to high potential new business opportunities that will eventually become independent operating entities when they achieve scale and profitability.
The Group will continue to pursue opportunities in the Defence sector focused on land systems, air and naval. As a co-promoter of Pipavav Shipyard Ltd. (PSL), Punj Lloyd will jointly exploit offshore opportunities with PSL and leverage the world-class facilities at the Shipyard for EPC projects for static equipment including critical equipment fabrication for the oil & gas and power sectors.
Mr Vimal Kaushik will continue as Managing Director of Punj Lloyd; he and the other whole time Directors will provide supervision, guidance, mentorship to the various operating entities and Group functions.
Speaking on the restructuring, Atul Punj, Chairman, Punj Lloyd Group, said “We have achieved a very significant annual growth rate of over 50% in the last few years and this restructuring is a major initiative to sustain high growth through empowerment with greater focus on profitability and accountability. It will enhance value to the shareholders by decentralizing our business segments. Besides ensuring agility and responsiveness to our markets and segments, this restructuring will empower our star performers, providing ample growth opportunities and new challenges to them”.
About Punj Lloyd:
Punj Lloyd (BSE SCRIP ID: PUNJLLOYD, NSE SYMBOL: PUNJLLOYD) is a globally diversified conglomerate providing engineering, procurement and construction services in Oil & Gas, Petrochemical and Infrastructures sectors, with interests in aviation, defence and marine. Known for its capabilities in delivering mega projects ‘ontime,’ thereby ensuring repeat customers, the Group possesses a rich experience of successfully delivered projects across the globe, while maintaining the highest standards of health, safety, environment and quality (HSEQ). Further information about the Group is available at www.punjlloydgroup.com
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