Haldia Petrochemicals Ltd on Wednesday acquired top notch global material technology company Lummus for $2.725 billion or Rs 20,590 crore — by far the most ambitious overseas gambit ever to be undertaken by a company from Bengal.
HPL, in partnership with New York-based private equity firm Rhône Capital, bought US-based Lummus Technology from McDermott International. HPL, with headquarters in Calcutta, will have a 57 per cent stake in the venture which will be run as an autonomous business.
The 110 years-old Lummus 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. It has around 130 licensed technologies and more than 3,400 patents and trademarks.
