Punj Lloyd subsidiary - PL Engineering (PLE) incorporated in India, is likely to enter into an asset purchase agreement through its U.K subsidiary Simon Carves Engineering (SCEL) with Simon Carves for the transfer of certain assets, contracts and employees of Simon Carves to SCEL. Earlier, Punj Lloyd’s board of directors have resolved to withdraw the provision of additional financial support to Simon Carves, an indirect subsidiary of the company incorporated in England and Wales, as a consequence of prevailing market conditions and the financial condition of Simon Carves.
Following such withdrawal of support, Simon Carves is likely to be placed in administration in accordance with the laws of England and Wales. Subject to the laws of England and Wales and applicable law in India, the company is entering into an asset purchase agreement through its subsidiary.
Punj Lloyd provides engineering, procurement, construction (EPC) and project management services. It provides services to oil and gas, energy, infrastructure petrochemical, telecom broadband and utilities sectors, among others.