Punj Lloyd Group rejigs operations

NEW DELHI: Infrastructure player Punj Lloyd Group on Wednesday announced an ambitious restructuring plan that will see Punj Lloyd Ltd functioning as a holding company to provide capital to high potential business areas, which will "eventually become independent entities".

The new operating structure decentralises the Group's operations in various geographies empowering the regional heads and making them accountable for the local business opportunities, the company said in a statement.

Under the new structure, energy, which has been a key focus area of the Group, will have two independent operating entities.

The South Asia/South East Asia operations will be headed by P K Gupta, Director on the Board. While, Ravindra Kansal, President and Atul Jain, CEO, will jointly head the energy operations in the Middle East, Africa and the CIS countries.

The Group will also continue to pursue opportunities in the defence sector focused on land systems, air and naval. As a co-promoter of Pipavav Shipyard Ltd PSL, Punj Lloyd will jointly exploit offshore opportunities with PSL.

"We have achieved a very significant annual growth rate of over 50 per cent in the last few years and this restructuring is a major initiative to sustain high growth through empowerment with greater focus on profitability and accountability," Punj Lloyd Chairman Atul Punj said.

The restructuring will also improve the responsiveness of the company that it operates in, he added.