Punj Lloyd sells stake in Olive Group Capital for $20 mn

NEW DELHI: Leading infrastructure firm Punj Lloyd today said its Singapore-based subsidiary Punj Lloyd Pte Ltd has sold its entire shareholding in Dubai-based Olive Group Capital Ltd for about $20 million (over Rs 120 crore).

The deal involves upfront and deferred payments and Punj Lloyd Pte Ltd used to hold 27.78 per cent stake in Olive Group Capital, the company said in a BSE filing.

"Punj Lloyd Pte Ltd, a Singapore based wholly owned subsidiary of the Company, has sold its entire shareholding in Olive Group Capital Ltd, comprising 27.78 per cent of its capital, for a total consideration of $20 Million for a mix of initial and deferred consideration," the company said.

The deferred payout is about $11 Million, which "shall be received with interest thereon," the company further said.

Punj Lloyd Group had invested about $14 million in Olive Group Capital, which offers security solutions and has offices in the UAE, the US and the UK.

The Olive Group Capital also provides security and risk mitigation solutions, serving the energy, national security and critical infrastructure sectors, its website showed.

Punj Lloyd, in its filing, also said that it has won a contract, on cost plus basis, for setting up of various infrastructure facilities including civil, structural, mechanical and electrical and instrumentation at a leading refinery in India.

"The approximate cost of the said works are Rs 275 crore," the company said.