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
Latest posts by Business-Standard.com (see all)
- Adani Green Energy arm bags 600 MW solar wind hybrid projects - June 19, 2019
- India-Nepal cross border pipeline work completed, ready for operation - June 19, 2019
- Delhi Dy CM shows power tariff mirror to UP govt - June 18, 2019