HPL said that Lummus Technology is a leading master licensor of proprietary technologies in the refining, petrochemicals, gas processing and coal gasification sectors
Mumbai: Haldia Petrochemicals Ltd (HPL), flagship company of The Chatterjee Group (TCG), and Rhone Capital, a global private equity firm, have jointly acquired the US-based Lummus Technology from McDermott International.
The deal is valued at $2.725 billion (approximately ₹20,590 crore).
In a press statement, HPL said that Lummus Technology is a leading master licensor of proprietary technologies in the refining, petrochemicals, gas processing and coal gasification sectors, as well as a supplier of proprietary catalysts, equipment and related engineering services. It has around 130 licensed technologies and more than 3,400 patents and trademarks.
With the acquisition Lummus Technology will function as an autonomous entity.
“This development would accelerate India’s progress towards self-reliance in the materials technology space. HPL, with two decades of experience in manufacturing polymer products and downstream chemicals, would partner Lummus in evolving technological improvements for these segments," the press statement said.
The deal would also give a boost to HPL’s initiative to pivot upstream investments in the 'oil to chemicals' sector.
“Our investments are both strategic and long-term, most of which span 25 to 30 years. We have primarily focused on knowledge-based enterprises, and as such, Lummus is a great addition to our portfolio," Purnendu Chatterjee, founder Chairman of TCG, said in the statement.
State Bank of India was the lead banker in the deal.
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