Punj Lloyd scraps JV with Swissport

New Delhi: Engineering and Construction firm Punj Lloyd has called off its joint venture with global cargo and ground handler Swissport International. The two companies have amicably decided not to pursue the ground handling opportunities in India and have mutually agreed to terminate the joint venture, the company said.
The JV was formed over two years ago to pursue business opportunities in cargo and ground handling opportunities in India. “The foreign partner’s aspirations were different from ours. It was hesitant in making capital investment and found the concept of bidding for ground handling jobs in India quite alien,” says Punj Lloyd director Luv Chhabra.
Punj Lloyd, which holds 49% stake in the JV, said it had no issues with capital investment and was quite accustomed to Indian business practices. Mr Chhabra says the company is yet to take a final call on whether it would still pursue interest in the ground handling business or look for another partner.
The joint venture company had bid for ground handling job at Hyderabad airport.
16/10/08 Economic Times

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Categories: Airports Oct 2008, Foreign Oct 2008, New Oct 2008