Punj Lloyd bags $108 mn order from Spanish firm

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Updated: 18/07/2008 | 01:23 PM IST

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Press Trust of India

Friday, July 18, 2008 (Mumbai)

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Infrastructure major Punj Lloyd on Friday said it has bagged an offer worth 108 million dollar (about Rs 462 crore) from Spain-based Tecnicas Reunidas for mechanical works.

Punj Lloyd has received this order on two off-sites and utilities project of UAE-based Abu Dhabi Polymers Company, it said in a filing to the Bombay Stock Exchange.

The scope of the work involves mechanical in areas including steel, piping fabrication and equipment erection.

Abu Dhabi Polymers Co is a joint venture between Abu Dhabi National Oil Co and Vienna-based Borealis. In the year 2007, the company had signed a contract with Spain's Tecnicas Reunidas SA to build off-site and utility facilities.

Earlier, on March 31, the company had received an order worth 68 million dollar from Italy-based Tecnimont SpA for polyolefins project of Abu Dhabi Polymers Company.

Shares of the company reacted positively to this news and surged as much as 3.66 per cent to touch an intra-day high of Rs 217.60 on the BSE. Punj Lloyd was trading at Rs 214.90, up 2.38 per cent on BSE in afternoon trade.