Hiranandani Energy is in talks with Singapore-based Atlantic, Gulf and Pacific Company (AG&P) to sell a majority stake in the company and its units for a few hundred crores of rupees, according to two industry sources aware of the development. Hiranandani Energy once had aspirations to build multi-billion dollar integrated energy infrastructure projects, such as two LNG terminals and a pipeline for end-to-end natural gas solutions.
In H-Energy and one of its subsidiaries, AG&P is almost ready to acquire a 70% share, with Darshan Hiranandani keeping the remaining 30%. The initial source quoted stated that "AG&P plans to buy 70% in H-Energy and one of its subsidiaries as it is looking to expand its LNG and CNG operations in India." An email sent on April 11 received no response from AG&P or H-Energy. The 56-kilometer R-LNG pipeline from Jaigarh port to Dabhol, connected to the national gas grid, and a jetty at Jaigarh Port in the Ratnagiri district of Maharashtra, where a floating storage and regasification unit (FRSU) can be berthed for R-
LNG unloading, are the only two assets that H-Energy could develop. H-Energy intended to spend $3 billion constructing two LNG import terminals, one in Jaigarh, Ratnagiri, Maharashtra, and the other off Haldia, West Bengal. However, due to operational and budgetary difficulties, preparations did not proceed as expected.
"The company would have had to spend a few hundred crores building a pipeline and a jetty. The second individual with knowledge of the developments explained that the transaction value would be proportionate to it. H-Energy has a net value of Rs 295 crore and free reserves of Rs 56 crore as of March 31, 2022, according to documents filed with the Registrar of Companies. Salus Developers Pvt Ltd was the previous name of H-Energy Pvt Ltd (HEPL). Its main line of business was investing in corporate bonds, shares, and other assets. The business changed its name to H-Energy in December 2010.
When Oslo-based Hoegh LNG declared in May of last year that it was ending the 10-year contract with FSRU Hoegh Giant due to "the charterer's default of the contractual terms," HEPL's Jaigarh plans were further postponed. December 2020 saw the signing of the agreement. A 635 km long natural gas pipeline connecting Jaigarh, Panjim, Karwar, Udupi, and Mangalore was authorised to be built by HEPL in March 2016. The Petroleum and Natural Gas Regulatory Board (PNGRB), which oversees the oil industry, cashed out Rs 5 crore, or 25%, of H-Energy's bank guarantee in June of last year as a result of delays in the construction of a pipeline from Jaigarh to Mangalore. By June 2019, the pipeline was supposed to be finished. The appeal by H-Energy against this PNGRB order is still underway.
AG&P's India Plans-In order to increase operations by 2024–2025, AG&P has been looking for LNG terminals on both the east and west coasts of India. There are obstacles to overcome before the proposed 1-million-tonne-per-year terminal at the Karaikal Port in Puducherry can be built.
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