HPL acquires majority stake in Lummus Technology

Kolkata, July 1 () Haldia Petrochemicals Limited (HPL), a flagship company of The Chatterjee Group (TCG), has acquired majority stake in US-based Lummus Technology, a company spokesperson said on Wednesday.

HPL along with international partner Rhone Capital, has acquired the US firm at an enterprise value of USD 2.725 billion (approximately Rs 20,590 crores) from McDermott International, the spokesperson said.

HPL said Lummus Technology is a leading master licensor of proprietary technologies in refining, petrochemicals, gas processing and coal gasification sectors, as well as a supplier of proprietary catalysts, equipment and related engineering services.

Lummus Technology has around 130 licensed technologies and more than 3400 patents and trademarks, it said.

TCG, which is headquartered in the USA, has controlling stake in HPL. The group has an impressive track record as a strategic investor, the spokesperson said.

The company said that this development would significantly accelerate Indias progress towards self reliance in materials technology space.

HPL will now partner with Lummus in evolving technological improvements and would be in a position to provide a more compelling "value proposition" to the clients of Lummus in India and abroad, the company said.

According to the spokesperson, HPLs policy initiative is to pivot upstream investments in oil to chemical sector is likely to receive a major boost as a result of association with Lummus.

Purnendu Chatterjee of TCG said "our investments are long term and strategic. Lummus is a great addition to our portfolio". dc KK KK KK