HPCL to buy off Shapoorji from joint venture

Cash-strapped Shapoorji Pallonji Group is selling its stake in SP Ports Private Ltd (SPPPL) to joint venture partner HPCL for an undisclosed sum. It had entered into a joint venture with the state-owned refiner to set up a 5 million tonnes per annum LNG re-gasification terminal, which is being set up at Chhara in Gujarat.

SP Ports Private Ltd is a unit of Mumbai-based Shapoorji Pallonji Group, with JV HPCL Shapoorji Energy Private Ltd setting up the LNG re-gasification terminal. The venture is building the terminal at a cost of around Rs 5,411 crore. The sum received from HPCL would help the SP Group lower its debt.