Lummus-TCG Digital Collaborate to Address India’s Oil & Gas Market Needs
The premiere private equity firm, The Chatterjee Group (TCG) group controlled Lummus Technology has announced on Wednesday to form a strategic joint venture with TCG Digital to explore and harness technological opportunities in the refining, petrochemical, and gas processing market in India. The joint venture, holding the name Lummus Digital, will make the use of Lummus' existing and potential clientele to provide detailed analysis, proprietary know-how, operative solutions in their refining, petrochemical, and gas processing assets and across the hydrocarbon value chain. Lummus Technology is a renowned licensor of proprietary technologies in the refining, petrochemicals, gas processing and coal gasification sectors and was acquired by TCG’s Haldia Petrochemicals along with private equity firm Rhone Capital in June this year at an estimated cost of USD 2.7 billion. According to the CEO of TCG Digital, Debdas Sen, the collaboration will enable TCG Digital and Lummus Technology to utilize their core competencies and strengths and would help in manifesting the full potential of the refining, petrochemical, and gas processing market in India where strong growth is expected in the coming years. Lummus Digital is also planning to start its operations in the US, Middle East, and Europe soon after officially launching its services in India. ChemAnalyst estimates that India’s demand for petroleum products is estimated to reach 245 MMT by 2021-22. This is a strategic move by both the companies at a time when leading energy giants are eyeing on investing in the country’s strongly developing oil & gas market.