Punj Lloyd foray into Kuwait market with Rs 1,418-crore order
In a statement made on Tuesday, Delhi-based engineering and construction firm Punj Lloyd revealed that it is set to mark its foray in the Kuwait market. The firm said that Kuwait National Petroleum Company has given it an Rs 1,418-crore order for the overhaul of Ahmadi fuel depot.
The Ahmadi fuel depot revamp project to be undertaken by Punj Lloyd will involve the expansion as well as renovation of the fuel depot, for increasing its storage capacity with the construction of 11 additional storage units. The order is likely to be completed by Punj Lloyd by 2017.
The order which Punj Lloyd had bagged from Kuwait National Petroleum Company is the construction firm’s first order from Kuwait. With the order enabling Punj Lloyd to enter the Kuwait market, the company’s presence has now been expanded to a total of 24 countries.
As a result of the Rs 1,418-crore from Kuwait National Petroleum Company, Punj Lloyd’s cumulative orders in the current fiscal have surged to Rs 6,425 crore. So far as Punj Lloyd’s order backlog is concerned, the firm has revealed that the backlog is now worth a whopping Rs 22,063 crore.
Asserting that “the recent cache of new contracts received globally, underlines our international clients’ confidence in Punj Lloyd,” JP Chalasani – Punj Lloyd’s managing director and group CEO – said: “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.”
Source – The Economic Times
Ahmadi fuel depot, Delhi-based engineering, JP Chalasani – Punj Lloyd’s managing director and group CEO, Kuwait National Petroleum Company, property in Delhi, Punj Lloyd, Punj Lloyd’s
