Haldia Petrochemicals acquires US firm Lummus Technology for $2.7 billion
Haldia Petrochemicals (HPL), a flagship company of The Chatterjee Group (TCG), along with its international partner Rhone Capital has acquired US-based Lummus Technology at an enterprise value (EV) of $2.725 billion (around Rs 20,590 crore) from McDermott International.
In the joint acquisition, HPL’s share is at 57 per cent, the balance would be held by Rhone Capital. Under the new dispensation, Lummus Technology would function as a ‘standalone’ autonomous entity. The deal was completed on Tuesday.
Lummus Technology is a 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. It has about 130 licensed technologies and more than 3,400 patents and trademarks.
