In June this year, US-based TCG's flagship company Haldia Petrochemicals (HPL) and Rhone Capital, a global private equity firm, had acquired US-based Lummus Technology at an enterprise value of $2.725 billion from McDermott International.
Two TCG group companies – Lummus Technology and TCG Digital – have entered into a strategic joint venture (JV) to form a third company branded Lummus Digital. The JV aims to implement digital analysis and operative solutions in the refining, petrochemical and gas processing assets as well as across the hydrocarbon processing value chain.
In June this year, US-based TCG’s flagship company Haldia Petrochemicals (HPL) and Rhone Capital, a global private equity firm, had acquired US-based Lummus Technology at an enterprise value of $2.725 billion from McDermott International.
“We strive to deliver sustainable value to our esteemed clients with modern technology and deep process innovation, giving them the edge with digitalisation in these difficult times. This joint venture will co-create and innovate with other areas of the group like TCG Crest, our research university, LabVantage and Haldia Petrochemicals,” TCG’s founder-chairman Purnendu Chatterjee said.
While TCG Digital will leverage hyper-contemporary technologies and its domain expertise to engage enterprises with full-spectrum digital transformation, Lummus Tech will focus on innovation, being a master licenser of petrochemical, refining, gasification, and gas processing technologies and supplier of catalysts, proprietary equipment, and related services, to customers worldwide as well.
The new JV company, amalgamating two sets of expertise, is a “new and a critical initiative” to position itself as a leader in the hydrocarbon industry, Leon de Bruyn, CEO of Lummus Tech said.
Lummus Digital will explore the refining, petrochemical, and gas processing market in India and will soon start its operations in the US, West Asia and Europe. It will serve the biggest downstream petroleum and petrochemical companies helping them derive maximum value from their assets and investments through cutting edge technology and artificial intelligence.