Punj Lloyd signs pact with ST Kinetics for defence equipment

MUMBAI: Engineering and construction firm Punj Lloyd said on Thursday
that it has signed an agreement with Singapore Technologies Kinetics
(ST Kinetics) for the manufacture of defence equipment.

Under this agreement, ST Kinetics and Punj Lloyd would be pooling
their resources in the execution of supply contracts for the Ministry
of Defence, Punj Lloyd said in a filing to the Bombay Stock Exchange.

Earlier, Punj Lloyd had been issued a license by the Government of
India for manufacture of guns, rockets and missile artillery systems
and other related equipment.

Commenting on the pact Punj Lloyd Chairman Atul Punj said, "Punj Lloyd
is confident of leveraging its dynamism and adaptability to enter into
the defence sector."

"This tie-up augurs well for the high growth Indian Defence sector.
The combined capabilities of both the companies can help the Indian
Army to scale up its modernisation programmes," he added.

The companies would support trials by the Indian Army through
provision of suitable personnel and resources. ST Kinetics is the land
systems and specialty vehicles arm of Singapore Technologies
Engineering Ltd and are one of Asia's leading defence and sp ecialty
vehicles companies. The company clocked sales of S$1.18 billion in
2007.

Shares of Punj Lloyd were trading at Rs 283.95 on the BSE, up 2.14 per
cent in the afternoon trade. - PTI

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