New Delhi: Punj Lloyd’s ownership transition is now formally underway. After months of insolvency proceedings, the infrastructure company has moved into a new phase with Adani Infra stepping in as the successful bidder and installing a fresh board to steer operations.
Acquisition Clears Final Step
Adani Infra (India) Limited completed the acquisition of Punj Lloyd through a liquidation sale conducted as part of the insolvency process. The National Company Law Tribunal’s Principal Bench in New Delhi allowed the acquisition plan earlier, paving the way for the transfer of the company. On March 10, 2026, the liquidator executed the sale certificate transferring Punj Lloyd to the successful bidder on a going-concern basis. The move formally places the engineering and infrastructure firm under Adani Infra’s control as part of its revival under the approved acquisition framework.
Board Reconstituted
Following the acquisition, the company’s governance structure was reshaped. Vipin Goel, Kattunga Srinivasa Rao, and Rajeev Pal were appointed as additional directors with effect from March 10, 2026. The appointments were proposed by Adani Infra and confirmed through a board resolution passed by the liquidator, who currently exercises the powers of the board during the liquidation process. The move signals the start of a leadership transition as the acquiring entity begins integrating the company into its operational framework.
Experienced Infrastructure Leaders
The newly appointed directors bring deep experience across infrastructure development and project execution. Kattunga Srinivasa Rao has more than thirty years of experience in the power and infrastructure sector, working across procurement, project management, financial oversight, and commissioning of large-scale power projects. Rajeev Pal adds over two decades of experience in industrial and infrastructure projects. His expertise includes project assurance, engineering oversight, and governance of complex energy and infrastructure initiatives across India.
Financial Expertise Strengthened
Vipin Goel, currently the Chief Financial Officer of Adani Infra (India) Limited, brings more than three decades of experience in finance, accounting, and infrastructure project management. A chartered accountant by qualification, Goel has played a key role in financial governance, compliance, and execution of large EPC and infrastructure projects across sectors including power, roads, and renewable energy. His leadership is expected to strengthen financial oversight during Punj Lloyd’s transition under its new ownership.
With the acquisition completed and a new board in place, Punj Lloyd now begins its next phase under Adani Infra’s management as the company transitions out of liquidation proceedings.
Disclaimer: This article is based solely on the contents of the regulatory filing dated March 10, 2026, submitted by Punj Lloyd Limited (in liquidation). No additional sources or independent reporting have been used in preparing this article.
