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Mumbai, May 10 (PTI) Fidelity Growth Partners India (FGPI), the private equity arm of Fidelity International today said that it has taken a minority stake in PL Engineering, a subsidiary of Punj Lloyd, for an undisclosed amount. PL Engineering is a major engineering services outsourcing player with a focus on oil and gas, power and infrastructure. "We believe our investment in PL Engineering is well positioned to benefit from the strong growth in offshoring of engineering services to India," FIL Capital Advisors'' (India) Senior Managing Director Raj Dugar said in a statement here. The statement, however, did not mention the investment figure or the percentage of stake picked-up. With this investment, Dugar has also joined PL Engineering''s Board of Directors, the release said. In addition, FGPI seeks to invest in high-quality, high-growth companies in India across a broad range of sectors with a typical investment size of USD 10 million to USD 50 million range, the release said. "PL Engineering has developed a client-base over the last few years with a range of projects including some very complex engineering design projects. This funding will help us expand our business development efforts in North America and the Middle-East," PL Engineering''s Chief Executive Officer Sanjay Goel said. Currently, PL Engineering has 800 employees across its delivery centres in Gurgaon, Hyderabad and Abu Dhabi.
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