In a first sign of private equity (PE) interest in exploration and production in India, little-known Chennai-based Invenire Energy has taken over Tata Sons oil and gas arm Tata Petrodyne (TPL) in a $100-million deal.
Miami-based Atyant Capital holds a majority stake (two-thirds) in Invenire, incorporated in 2016. Invenire has also submitted bids for six oil and gas blocks — four in Assam Shelf basin and one each in Cambay and Rajasthan — in the second round of discovered small fields auction (DSF-II), the winners of which are to be announced this week.
TPL has interests in four blocks in India and four abroad, including in Tanzania and Indonesia. A source said that one of the reasons why Invenire was keen on TPL was its presence in Southeast Asia.
Though the 151-year-old Tata group forayed into oil and gas in 1993, it had limited success in expanding the portfolio. Initially, the business was part of Tata Power. It was acquired by Tata Sons in 2005. Read More