Punj Lloyd Group, a specialist in engineering, procurement and construction (EPC) services, has acquired a strategic 74% stake in Technodyne International Limited, UK for an undisclosed amount.
Technodyne is a specialist engineering, design and consultancy company specialising in large scale cryogenic and high pressure tanks, with a strong track record in the field of designing of test rigs too.
With projects executed across the world, Technodyne carries out the basic design and detailed engineering for complete steel and steel plus concrete tanks including associated piping, instrumentation and electrical systems.
“This acquisition is a strategic fit and further strengthens Punj Lloyd’s existing tankage and terminal business. The acquired capabilities enable the group to provide end-to-end solutions for complete delivery of complex cryogenic, high pressure LNG, LPG, ethylene, ammonia and other similar storage tanks, a significant growth area in Oil & Gas sector,” the company explained in a statement.
“The capabilities will also be leveraged for design of refinery and petrochemical projects,” it concluded.
Punj Lloyd, has been the only company to be involved in all three LNG terminals in India, notably Dahej, Dabhol and Hazira. The company has also completed the cryogenic storage tank package at the Reliance Jamnagar refinery, among other notable tankage projects in South Asia, Asia Pacific and West Asia in the past.