Tech Push: HPL and Rhone acquires Lummus for $2.725 billion
Haldia Petrochemicals Limited (HPL), a part of The Chatterjee Group (TCG), and Rhone Capital have acquired the US-based Lummus Technology, at an enterprise value of $2.725 billion from McDermott International.
Lummus is a leading master licensor of proprietary technologies in refining, petrochemicals, gas processing and coal gasification. It is also a supplier of proprietary catalyst equipment and related engineering services.
DP Patra, HPL’s strategic advisor, told Fe HPL has acquired the controlling stake of 57% with Rhone Capital holding the rest. Lummus will function as a stand-alone autonomous entity, Patra said.
