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Punj Lloyd gains on Pipavav Shipyard Deal

August 3, 2007

Punj Lloyd has signed a memorandum of understanding (MOU) to invest Rs 403 crore for acquiring a 25.1% stake in Pipavav Shipyard. This will provide it an access to fabrication facilities for platforms, rigs and jackets to exploit the opportunities in this sector.

Orders to the Company:
On 2 August 2007 that Sembawang Engineers and Constructors (Sembawang), a subsidiary of Punj Lloyd (PLL), secured a contract worth over Singapore dollar 250 million for sub-structural works at the Sentosa Integrated Resort Development.

Punj Lloyd has signed a MOU with the Ramprastha Group for the development of multi-storied residential housing through a 50:50 joint venture of the company and the Ramprastha Group.

The MOU envisages development of residential apartments by the joint venture in Ghaziabad in approximately 29 acres in Vaishali in the first phase. In the second phase, substantial real estate development is proposed in Indrapuram and Gurgaon, where the Ramprastha Group holds a large land-bank. Punj Lloyd is expected to make an initial investment in the joint venture to the extent of Rs 180 crore and a similar initial investment is planned by the Ramprastha Group.

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