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Hindustan Petroleum Corpn enters agreement for acquisition of HPCL Shapoorji Energy

Tuesday, 30 Mar 2021
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The Hindustan Petroleum Corporation (HPCL) has entered into a share purchase agreement (SPA) for acquisition of shares of HPCL Shapoorji Energy, an associate unlisted company of HPCL, from S P Ports, a joint venture partner. 
 
HPCL Shapoorji Energy is in the process of setting up and development of five million tpa LNG storage and regasification terminal at Chhara, Gujarat. Since the entity is still in construction phase, there has been nil revenue from operations. HPCL, a Maharatna CPSE, holds 50 percent of the equity share capital of the entity as of 31 December 2020. 
 
The LNG terminal project of HPCL Shapoorji Energy is expected to bring long-term value to the company being a growing segment of the energy basket of the nation. 
 
The consideration for the transaction will be paid in cash. The acquisition is expected to be completed by 31 March 2021.

 

 
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