India’s Haldia Petrochemicals (HPL) and its international partner Rhone Capital have acquired Lummus Technology with an enterprise value (EV) of USD2.725 billion from McDermott International.
The deal was concluded last Tuesday, with HPL’s share at 57% while Rhone holds the remaining. Lummus will function as an autonomous entity.
Leon de Bruyn, head of Lummus Technology, said that the decision will enable the company to focus exclusively on providing world-class technologies and solutions and developing long-term strategies.
Rajnish Kumar, chairman, State Bank of India (SBI), the lead banker in the deal, commented that the deal will further strengthen India’s position in technology space and support India’s mission of Atmanirbhar Bharat.
The divestment of Lummus is part of McDermott’s restructuring movements.
