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Punj Lloyd offloading stake in realty JV

May 20, 2009

Engineering and turnkey construction major Punj Lloyd has decided to offload its stake in the realty joint venture with the Delhi-based Ramprastha group. The latter will pick up Punj Lloyd’s 50% in the venture set up to develop a 29-acre project in Ghaziabad.

Company chairman Atul Punj stated that while the company will continue servicing construction contracts, it will not be a developer. The company’s order book includes a clutch of state-promoted housing projects in the Middle East.

The scrip price has witnessed upswings of 30.94% since last week and 49.27% since last month. Punj Lloyd is currently trading at Rs 168, up by 6.70 points or 4.15% from its previous closing of Rs 161.30 on the BSE.

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