Hazoor Multi Projects Ltd. Makes Bold Energy Sector Move with Quippo Acquisition

Hazoor Multi Projects Ltd. (HMPL), a rapidly expanding infrastructure and engineering company in India, has announced a key development in its business strategy. Through its new subsidiary, Quippo Oil & Gas Infrastructure Ltd., HMPL has secured a Rs. 280.1 Crore contract with Oil India Limited, a leading Maharatna PSU. The contract involves the charter hire of a drilling rig, bolstering Quippo's reputation in upstream oil and gas services and marking HMPL's significant foray into India's upstream energy landscape.

HMPL's acquisition of Quippo signifies the company's shift from solely focusing on EPC operations to becoming a comprehensive energy services platform. This movement is in alignment with national priorities, seeking to exploit sectors with high barriers to entry, assured revenues, and supportive government policies.

As India aims to reduce energy import reliance by 10% and entice substantial investments in energy infrastructure, policy incentives like the Hydrocarbon Exploration and Licensing Policy and the Open Acreage Licensing Policy are anticipated to boost domestic exploration. Companies like Quippo stand to benefit as this demand grows, given its comprehensive oilfield services and proven operational excellence.

(With inputs from agencies.)