Multi-Project Company, Hazoor, Secures Quippo's Oil and Gas Infrastructure in New Acquisition Deal
Hazoor Multi Projects Ltd. (HMPL) Expands into India's Oil & Gas Sector with Acquisition of Quippo
Hazoor Multi Projects Ltd. (HMPL), a BSE-listed infrastructure and engineering company, has made a strategic move into India's upstream Oil & Gas sector with the acquisition of Quippo Oil & Gas Infrastructure Ltd. This acquisition marks HMPL's entry into offshore services, transforming it from a traditional EPC (Engineering, Procurement, and Construction) company into a diversified, vertically integrated energy platform.
The acquisition of Quippo, a company offering diversified service offerings across directional drilling, work-over, cementing, seismic, and integrated field development, provides HMPL with immediate operational benefits. Quippo brings a fleet of 14 advanced drilling rigs to HMPL, including top-drive systems for deep and complex drilling operations.
The strategic significance of this acquisition lies in several key factors. Firstly, it aligns with HMPL’s broader vision to diversify beyond EPC into upstream oilfield services, enabling access to recurring revenue streams in an industry with strong demand and limited competition.
Secondly, the acquisition is in line with Indian government policies like the Hydrocarbon Exploration and Licensing Policy (HELP) and Open Acreage Licensing Policy (OALP) that promote domestic exploration and reduce energy import dependence by 10% by 2030. This provides a favorable growth environment for companies like HMPL in upstream services.
The acquisition has already had an immediate impact on HMPL's operations. Quippo has secured a significant Rs. 280.1 crore contract from Oil India Limited for charter hire of drilling rigs, boosting Quippo's credentials and positioning HMPL for long-term participation in India’s upstream energy infrastructure development.
Moreover, the acquisition grants HMPL access to offshore oilfield equipment and services, including rental, technical support, and consulting for drilling and production, making it a more integrated player in India’s oil and gas value chain.
The acquisition equips HMPL to harness robust growth opportunities driven by governmental focus on energy self-reliance, increasing investments (over $100 billion expected by 2030), and expanding offshore exploration activities. It positions the company as a key long-term player in India’s upstream Oil & Gas sector with a diversified business model and multiple growth levers.
In summary, HMPL's acquisition of Quippo significantly strengthens its capabilities and market position in upstream oil and gas, enabling it to leverage national policies and industry demand for sustained future growth. The acquisition provides HMPL with optionality in strategic adjacencies such as well-services, marine logistics, and deepwater EP. Asset-light execution models are being adopted to balance capital deployment with risk management. The timing of the acquisition aligns with India's focus on deepwater exploration under the Open Acreage Licensing Policy (OALP) and energy security. The combined platform of HMPL and Quippo aims to be capital-efficient and globally relevant. Lastly, Quippo has a team of 400+ oilfield professionals with global experience and safety-first operational discipline.
[1] Hazoor Multi Projects Ltd. Acquires Quippo Oil & Gas Infrastructure Ltd.
[2] Hazoor Multi Projects Ltd. enters oil and gas sector with Quippo acquisition
[3] Hazoor Multi Projects Ltd. to diversify into oil and gas sector with Quippo acquisition
[4] Hazoor Multi Projects Ltd. acquires Quippo Oil & Gas Infrastructure Ltd.
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