Mumbai: Indian engineering and construction firm Punj Lloyd Ltd is looking to manufacture wind turbines and develop deepwater ports to expand its infrastructure offering, chairman Atul Punj said on Tuesday, 7 August.
The firm has been mainly building natural gas pipelines, offshore platforms, storage tanks and refinery units.
“Renewables as an area has been right up our alley... it is a good space to watch by putting one’s binoculars on,” Punj told Reuters in a telephone interview.
“We may seek a partner for manufacturing (wind turbines) ... it will probably be a foreign player,” he said.
The company will raise $200 million by Friday, 10 August, through an equity placement with institutions, Punj said, adding the proceeds would be used to buy a stake in a shipyard and for a new realty joint venture.
Last week Punj Lloyd said it would buy a 25.1% stake in Pipapav Shipyard Ltd in Gujarat, and separately invest up to $45 million in a joint venture with Ramprastha Group, a local real estate group.
Punj said the equity placement would reduce his personal holding in the company to 35.5% from 38%. The Punj family holds a total of 53.4% in the company.
Citibank and Kotak are advisors for the placement.