Haldia Petrochemicals acquires majority stake in Lummus Technology
A leading master licensor of proprietary technologies in refining, petrochemicals, gas processing and coal gasification sectors
Haldia Petrochemicals (HPL) along with Rhone Capital, has acquired the US-based Lummus Technology for an enterprise value of USD 2.725 billion (approximately Rs 20,590 crore) from McDermott International.
Under the new dispensation, Lummus Technology will function as a ‘standalone’ autonomous entity.
HPL, with its experience in manufacturing polymer products and downstream chemicals, will partner with Lummus Technology in evolving technological improvements for these segments.
Post the buyout, Lummus Technology and HPL plan to provide a more compelling ‘value proposition’ to the clients of Lummus Technology in India and abroad.
On the other hand, HPL’s policy initiative to pivot upstream investments in oil to the chemical sector is likely to receive a major boost as a result of association with Lummus Technology.
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. The US firm has around 130 licensed technologies and more than 3,400 patents and trademarks.