Quippo Oil & Gas Infrastructure, a sub-company of HMPL, clinches Rs. 280.1 crore deal with Oil India Limited for oil-related services.
Hazoor Multi Projects Ltd. (HMPL) Enters India's Upstream Oil and Gas Sector
Hazoor Multi Projects Ltd. (HMPL), a BSE-listed diversified infrastructure and engineering company based in Mumbai, has officially entered India's upstream oil and gas sector following the acquisition of Quippo Oil & Gas Infrastructure Ltd. This strategic transformation marks HMPL's transition from an engineering, procurement, and construction (EPC) firm to a diversified, vertically integrated company.
Post-acquisition, HMPL's subsidiary Quippo is now responsible for providing equipment rental, technical and operational support, consulting services, and comprehensive infrastructure solutions for oil exploration, drilling, and production activities. Quippo's capabilities include a fleet of advanced drilling rigs and a skilled team, enabling HMPL to participate in India’s expanding upstream market.
A significant milestone in HMPL's growing role in the upstream oil and gas sector is Quippo securing a sizeable Rs. 280.1 Crore contract from Oil India Limited for the charter hire of a drilling rig. This contract underscores HMPL’s emergence as a key player in India’s upstream oil and gas sector and aligns with national energy priorities that seek to enhance domestic exploration and reduce reliance on imports.
Quippo's asset base includes a fleet of 14 advanced drilling rigs, ranging from 650 HP to 3000 HP. The company's proven track record includes the successful execution of over 125 wells across India, and it delivered the deepest onshore well in Indian history-in Assam-completed ahead of schedule and under budget.
HMPL aspires to emerge as a strategic partner in India's energy and industrial growth story, with a focus on creating sustainable, long-term stakeholder value. The high entry barriers and limited domestic competition in the oil and gas industry enhance Quippo's presence in the sector for HMPL, positioning the company at the center of a sector offering stable, recurring revenue, margin durability, and long-cycle growth potential.
With Quippo's assets and expertise, HMPL is building a future-ready platform at the intersection of infrastructure, energy, and industrial technology. The company is focused on scalable growth, recurring revenues, and multi-vertical integration, making it well-positioned to meet the increasing demand for turnkey service models in the oil and gas industry. This strategic move by HMPL not only expands its business portfolio but also contributes significantly to India's energy self-reliance and infrastructure investment.
References: 1. HMPL Announces Entry into India's Upstream Energy Services Sector 2. HMPL's Subsidiary Quippo Oil & Gas Infrastructure Ltd. Enters India's Upstream Oil and Gas Sector 3. HMPL Secures Rs. 280.1 Crore Contract from Oil India Limited 4. HMPL's Quippo Oil & Gas Infrastructure Ltd. to Participate in India’s Expanding Upstream Market 5. Quippo Delivers Deepest Onshore Well in Indian History
- The acquisition of Quippo Oil & Gas Infrastructure Ltd. by Hazoor Multi Projects Ltd. (HMPL) signifies a significant shift in the company's business, transitioning from an engineering firm to a vertically integrated entity in the upstream oil and gas sector.
- Technology plays a crucial role in HMPL's strategic move, as Quippo possesses a fleet of advanced drilling rigs and a skilled team, bolstering HMPL's participation in India's expanding upstream market.
- The finance sector is heavily involved as well, with HMPL securing a substantial contract from Oil India Limited for Quippo's drilling rig charter hire, reinforcing HMPL’s stance as a key player in India’s upstream oil and gas sector and aligning with national energy priorities.
