Mumbai, 10 May 2010 - Fidelity Growth Partners India (FGPI) has taken a significant minority stake in PL Engineering, a leading engineering services outsourcing player with a focus on oil & gas, power and infrastructure. Fidelity Growth Partners India is the private equity arm of Fidelity International. This investment is an endorsement of PL Engineering’s impressive track record and growth potential. PL Engineering is a subsidiary of Punj Lloyd Limited, a leading global engineering, procurement and construction conglomerate.
Through this investment, Mr. Raj Dugar, Senior Managing Director of FIL Capital Advisors (India), the private equity advisory company for FGPI, has joined PL Engineering’s Board of Directors.
“We believe PL Engineering is well positioned to benefit from the strong growth in offshoring of engineering services to India. The company has a solid platform, an outstanding management team and strong track record in the attractive process engineering services segment. We are delighted to partner with PL Engineering as the company enters its next phase of growth” said Mr. Dugar.
Mr. Sanjay Goel, CEO, PL Engineering said, “PL Engineering has developed a marquee client base over the last few years with high quality delivery on a range of projects including some very complex engineering design projects. Our clients are our best ambassadors. Our goal is to enhance our engineering strength substantially over the next few years across multiple sectors with the growth coming from a combination of organic and inorganic strategies. This funding will help us expand our business development efforts in North America and the Middle East. Given our track record and the strong backing of Punj Lloyd Group and Fidelity, we are confident of scaling up rapidly”.
PL Engineering provides a full spectrum of design and engineering services that cover all stages of the project and product lifecycle. The company was initially set up to provide high end engineering and design services work for its parent company. Over the last few years, the company has extended its service offerings across verticals and aggressively built up its third party client base.
About Fidelity Growth Partners India
Fidelity Growth Partners India (FGPI) is the private equity arm of Fidelity International focused on growth capital investing across sectors. FGPI seeks to invest in high-quality, high-growth companies in India across a broad range of sectors with a typical investment size in the $10 million to $50 million range. FGPI is committed to making the companies it invests in, leaders in their industries through access to patient capital with a long term investment mindset, a powerful network of resources and its team of investment professionals with a proven track record of success.
About PL Engineering
PL Engineering, a Punj Lloyd Group company, provides a full-spectrum of design and engineering services in the oil & gas, chemical & petrochemical, power and infrastructure sectors, covering all stages of the product and project life-cycle starting from concept design to commissioning. Services include feasibility studies, front end design, detail design, analysis and stimulation. The company currently has 800 employees across delivery centers in Gurgaon, Hyderabad and Abu Dhabi working in a global work share environment, enabled by state-of-the-art IT infrastructure. Over the last few years the company has aggressively built up its client base, which includes global companies across North America, Europe, Middle East and India.