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| Punj Lloyd Group rejigs operations |
| Press Trust Of India / New Delhi Nov 12, 2009, 00:44 IST |
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Infrastructure player Punj Lloyd Group today 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 West Asia, Africa and the CIS (Commonwealth of Independent States) countries.
 The Group will also continue to pursue opportunities in the defence sector. Also, 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, he added.
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