Punj Lloyd offloading stake in realty JV

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.