Bhubaneswar – Lummus Technology and TCG Digital Thursday announced that the companies have entered into a strategic joint venture to form Lummus Digital.
The joint venture will work with Lummus’ existing and potential customers to implement digital analysis and operative solutions in their refining, petrochemical, and gas processing assets and across the hydrocarbon processing value chain.
“Our focus on innovation continues with this joint venture,” said Dr. Purnendu Chatterjee, Founder Chairman of The Chatterjee Group said Dr Purnendu Chartered, adding, “We strive to deliver sustainable value to our esteemed clients with modern technology and deep process innovation, giving them the edge with digitalization in these difficult times. This joint venture will co-create and innovate with other areas of the group like TCG Crest, our research university, LabVantage and Haldia Petrochemicals.”
“Lummus Digital is another new and critical initiative we are launching to ensure our position as a leader of our industry and at the forefront of innovation,” said Leon de Bruyn, president and chief executive officer of Lummus Technology. “With TCG Digital, we are partnering with a company that has a proven track record in digitalization and generating data-driven value for its clients in multiple industries. We are confident that Lummus Digital will leverage the strengths and capabilities of both companies to digitalize our customers’ operations and assets.”
Lummus Digital will explore the refining, petrochemical, and gas processing market in India where substantial growth is expected. The company will also start its operations in the US, Middle-East, and Europe immediately.
“We are excited that this partnership will allow TCG Digital and Lummus Technology to build on their core competencies and strengths, addressing the fast-evolving needs of the refining and petrochemicals industry,” said Debdas Sen, chief executive officer of TCG Digital.
Sen added, “We serve the biggest downstream petroleum and petrochemical companies, helping them derive maximum value from their assets and investments through cutting edge digitalization and AI. Lummus Digital will leverage the tcg mcube data platform to drive operational excellence, improve plant safety, enhance reliability, and increase margins.”
Lummus Digital will work with refining, petrochemical, and gas processing operators to provide big data, advanced analytics, artificial intelligence, process simulations, proprietary know-how, and 24/7 advisory services. The solutions are designed to: maximize economic benefit through digitalization; ensure operators and technicians are equipped with the insights to improve efficiency and reliability of their operations and assets; enhance the safety of the operating staff; bolster decision-making capabilities of the management, and; provide flexibility to quickly adapt operations to changing market dynamics.
Towards the end of June 2020, Haldia Petrochemicals Limited (HPL), a part of The Chatterjee Group (TCG), and Rhone Capital acquired the US-based Lummus Technology, at an enterprise value of $2.725 billion from McDermott International. With this new chapter, Lummus and HPL have been in a stronger position to provide world-class technologies and solutions to the clients of Lummus in India and abroad and deliver on their value proposition. This acquisition set the stage for the joint venture between TCG Digital and Lummus Technology.