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The Chatterjee Group (TCG) group controlled Lummus Technology and TCG Digital on Wednesday announced a strategic joint venture to explore and harness technology opportunities in the refining, petrochemical, and gas processing market in India.
The joint venture - Lummus Digital will work with Lummus'' existing and potential customers to implement "digital analysis" and operative solutions in their refining, petrochemical, and gas processing assets and across the hydrocarbon processing value, a company official said.
Lummus Technology is a leading master licensor of proprietary technologies in the refining, petrochemicals, gas processing and coal gasification sectors and was taken over by The Chatterjee Group''s Haldia Petrochemicals along with private equity firm Rhone Capital in June. The deal size was valued at $ 2.725 billion.
"Our focus on innovation continues with this joint venture. We strive to deliver sustainable value to our esteemed clients with modern technology and deep process innovation, giving them the edge with digitalization 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 chairman Purnendu Chatterjee said.
Lummus Digital will explore the refining, petrochemical, and gas processing market in India where substantial growth is expected. The company will also start its operations in the US, Middle-East, and Europe immediately.
"Lummus Digital is another new and critical initiative we are launching to ensure our position as a leader of our industry and at the forefront of innovation," Lummus Technology president and CEO Leon de Bruyn said.
Lummus Digital will work with refining, petrochemical, and gas processing operators to provide big data, advanced analytics, artificial intelligence, process simulations, proprietary know-how, and 24/7 advisory services.