NEW DELHI: Hindustan Petroleum Corporation Ltd (HPCL) has bought out the 50% stake of SP Ports, a Shapoorji Pallonji group company, in a joint venture building a gas import terminal in Gujarat, for Rs 397 crore.
HPCL and SP Ports held 50 per cent stake each in HPCL Shapoorji Energy Pvt Ltd (HSEPL).
HSEPL has become 100 per cent subsidiary of HPCL after the acquisition, the company said in a statement on Tuesday.
HSEPL is constructing a terminal to import 5 million tonne a year of gas in ships at Chhara in the Gir-Somnath district of Gujarat at a cost of Rs 4,300 crore. The project is scheduled to ne completed by the end of 2022.
The terminal will have all facilities for receiving LNG (liquefied natural gas) and regassifying fuel onward supply through the gas grid.
“The acquisition is in line with the future strategy of HPCL to diversify its product portfolio and is an important step in the direction of having a strong presence in the total natural gas value chain,” the company said.
