Hindustan Petroleum Corporation (HPCL), an Indian state-owned oil marketing company has entered into a Share Purchase Agreement (SPA) for acquisition of shares of HPCL Shapoorji Energy, an Associate Unlisted Company of HPCL, from S P Ports, a joint venture partner.

The LNG Terminal Project of the Target Entity is expected to bring long-term value to the company being a growing segment of the energy basket of the nation. The acquisition is expected to be completed by Mar. 31, 2021.

HPCL Shapoorji Energy (Target Entity) is in process of setting and development of 5 MMTPA LNG storage and regasification terminal at Chhara, Gujarat.

The Company has entered into a share purchase agreement dated Mar. 27, 2021 for acquisition of 50% of the paid-up equity share capital of the Target Entity from S P Ports.

Shares of the company gained Rs 0.2, or 0.09%, to settle  at  Rs 230.  The total volume of shares traded  was  78,434 at  the BSE (Tuesday).