Leading provider of engineering and construction services, Punj Lloyd, has set up a new company for carrying out back office engineering activities for the group in India.
The new engineering services outsourcing company - Simon Carves India Ltd - is a wholly owned subsidiary of Punj Lloyd and it would cater to the group's engineering requirements, a company statement said.
Punj Lloyd has appointed Sanjay Goel as the CEO of Simon Carves India.
Simon Carves would cater to the group’s engineering requirements in the initial phase and specialised verticals would be gradually build up with domain specialists to provide off-shore engineering services across other sectors as well outside the group, it added.
Simon Carves India would integrate the engineering expertise of Punj Lloyd with its two recent acquisitions -- Sembawang Engineers & Constructors and Simon Carves, UK.
Engineering Services Outsourcing (ESO) holds tremendous potential because of the robust growth across Europe, Asia and US leading to significant development in the engineering services sector. Reports indicate that India has the potential to garner around 25 per cent of the global ESO pie, worth around $50 billion by 2020.
Currently, the ESO market is worth around $15 billion with India garnering a healthy 12 per cent share. With a vision to capitalise the benefits that ESO presents, Punj Lloyd has directed its steps in this direction by establishing this new company. The swell in the global spending on engineering services will make companies seek access to high quality talent pool in emerging markets.