Jyoti Structures in JV with US-based Lauren Engineers

Moneycontrol Bureau

Jyoti Structures has entered into a joint venture with US-based Lauren Engineers and Constructors in its aim to tap more EPC (engineering, procurement and construction) business, especially in power generation and oil and gas sectors. 

Following the deal, Jyoti has also acquired a 50% stake in Lauren Engineers and Constructors India, it said Thursday.

The financial terms and conditions of the deal were not disclosed by the company.

Jyoti Structures further said that the JV company, which is being re-named Lauren Jyoti Private Ltd, has won Rs 551 crore worth contract from Godavari Green Energy to set up a 50 mega watt solar thermal power plant in Jaisalmer district of Rajasthan.

The power plant will feed power to the state grid by May 2013, it said.

Jyoti Structures shares surged 6% post the announcement. At 11:45 hrs, the stock was up 2.7% at Rs 71.15 on NSE.