Haldia Petrochemicals Secures Majority Stake in U.S-based Lummus Technology
Haldia Petrochemicals Limited (HPL), a renowned petrochemical company under The Chatterjee Group (TCG), invested in a joint acquisition with its international partner Rhone Capital, for securing majority stake in U.S-based Lummus Technology. This joint acquisition is worth INR 205.9 Billion with HPL holding 57 per cent while the rest being balanced under its equity partner. Lummus Technology will function as a standalone autonomous entity post this deal which was officially stamped on Tuesday. Lummus is a supreme licensor of proprietary technologies in the gas processing, coal gasification petrochemicals and refining sectors. Furthermore, the company works as an efficient supplier of equipment, catalyst, and other related engineering services. Partnering with Lummus Technology, HPL with its expertise in the production of polymers and downstream chemicals is aiming to carry out technological advancements in these major segments. In addition, this acquisition is anticipated to provide a major boost to HPL’s policy initiative to intake upstream investments in oil and gas sector. In support of this deal, the founder Chairman for The Chatterjee Group stated that Lummus Technology, a knowledge-based enterprise is a master addition to their portfolio.