HPCL to buy out Shapoorji Pallonji Group’s share in Gujarat LNG terminal JV

NEW DELHI: State-owned Hindustan Petroleum Corporation Ltd ( HPCL) will buy out the share of its joint venture partner SP Ports Pvt. Ltd (SPPPL) in the 5 million metric tonnes per annum LNG re-gasification terminal, that is being set up at Chhara in Gujarat.

SP Ports Pvt. Ltd is a unit of the Mumbai-based Shapoorji Pallonji Group, with the JV HPCL Shapoorji Energy Pvt. Ltd setting up the LNG re-gasification terminal. The venture with a 50:50 equity participation by HPCL and SPPPL is building the terminal at a cost of around Rs5,411 crore.

According to a filing with the BSE on Sunday, HPCL said, it “has entered into a share purchase agreement dated March 27, 2021 (“Share Purchase Agreement”) for acquisition of 50% of the paid-up equity share capital of the Target Entity from SP Ports Private Limited.”