HINDUSTAN PETROLEUM TO ACQUIRE BALANCE 50% IN HPCL SHAPOORJI ENERGY

Hindustan Petroleum Corporation has entered into a Share Purchase Agreement (SPA) for acquisition of shares (50% of the paid up equity share capital) of HPCL Shapoorji Energy, an Associate Unlisted Company of HPCL, from S P Ports, a Joint Venture Partner.

HPCL Shapoorji Energy (Target Entity) is in process of setting and development of 5 MMTPA LNG storage and regasification terminal at Chhara, Gujarat. Since the Target Entity is still in construction phase, there has been nil revenue from operations.

The LNG Terminal Project of the Target Entity is expected to bring long-term value to the Company being a growing segment of the energy basket of the nation.

The acquisition is expected to be completed by 31 March 2021.

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