HMPL Expands Energy Footprint with Major Oil Deal

Hazoor Multi Projects Ltd. (HMPL), a leading infrastructure player in India, announced a significant breakthrough with its subsidiary, Quippo Oil & Gas Infrastructure Ltd., securing a Rs. 280.1 Crore contract from Oil India Limited. This contract solidifies HMPL's position in the upstream oil and gas sector, a strategic shift from its traditional EPC focus.

Beyond a mere business accomplishment, this development signifies HMPL's transition to an integrated services provider capable of handling capital-intensive projects in high-barrier markets. The acquisition of Quippo aligns with national strategies to boost domestic oil exploration, supported by policies such as HELP and OALP, aiming to reduce energy import dependence and attract massive investment.

Quippo's expertise in onshore oilfield services, with a fleet of 14 advanced drilling rigs and a seasoned team, bolsters HMPL's capabilities. This move not only enhances HMPL's service portfolio but also positions it as a key player in India's energy sector, offering stability, growth, and long-term value to stakeholders.

(With inputs from agencies.)