Punj Lloyd Group, a specialist in engineering, procurement and construction (EPC) services, has acquired a strategic 74 per cent stake in Technodyne International Limited, UK for an undisclosed amount. Technodyne is a specialist engineering, design and consultancy company specializing in large scale cryogenic and high pressure tanks. With projects executed across the world, Technodyne carries out the basic design and detailed engineering for complete steel and steel plus concrete tanks including associated piping, instrumentation and electrical systems. Technodyne also has track record in designing of test rigs. “This acquisition is a strategic fit and further strengthens Punj Lloyd's existing tankage and terminal business. The acquired capabilities enable the Group to provide end-to-end solutions for complete delivery of complex cryogenic, high pressure LNG, LPG, ethylene, ammonia and other similar storage tanks, a significant growth area in Oil & Gas sector. The capabilities will also be leveraged for design of refinery and petrochemical projects,” the company said in a statement. […]

Spice Communications is open to all offers, including stake sale, and is currently waiting for a proposal from Telekom Malaysia before it takes a decision, its chairman said. Telekom Malaysia (TM) holds 39.2 percent in the Indian telecom services provider. Spice, which currently has operations in two of the 23 telecom circles, needs funds to expand. “We have got four new licenses and are hoping to get more. We have to expand company's capital and total investment,” Bhupendra Modi told reporters on the sidelines of annual shareholders meet. Modi said although firms like UAE's Emirates Telecommunications (Etisalat) have been in talks with Spice, he was waiting for an offer from TM as Indian laws permit a maximum of 74 percent foreign holding in telecoms. “As TM has already 39 percent, any restructuring on the foreign side has to be done with TM. […]