Hindustan Petroleum Corporation Limited (HPCL) has entered into a Share Purchase Agreement (SPA) for acquisition of shares of HPCL Shapoorji Energy Private Limited, an associate unlisted company of HPCL, from S P Ports Private Limited, a JV partner.

HPCL Shapoorji Energy 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.

HPCL holds 50% of the equity share capital of the HPCL Shapoorji Energy as of December 31, 2020. The company or its group companies does not have any interest in the Target Entity other than the 50% shareholding stated herein above.

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.

HPCL has entered into a share purchase agreement dated March 27, 2021 for acquisition of 50% of the paid up equity share capital of the Target Entity from S P Ports Private Limited.