Intimation under Regulation 30 SEBI(Listing Obligations and Disclosure Requirements) Regulation, 2015- Acquisition of Company.
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Hazoor Multi Projects Ltd (HMPL) has acquired 100% equity stake in Quippo Oil & Gas Infrastructure Limited through its wholly-owned subsidiary Vyom Hydrocarbon Private Limited. The deal was completed via a Swiss Challenge bidding process for a cash consideration of Rs. 57.42 lakhs (along with assets and liabilities). Quippo is an established oil & gas services company with FY24 turnover of Rs. 294.97 crore, providing equipment rental (drilling rigs, workover rigs, vessels), technical/consulting services, and exploration support. Over the last 3 years, Quippo reported revenues of Rs. 336.12 crore (FY22), Rs. 304.14 crore (FY23), and Rs. 294.97 crore (FY24). The acquisition is not a related-party transaction and no regulatory approvals were required.
This marks a strategic expansion for HMPL into India's upstream oil & gas services sector, particularly offshore operations. While the upfront cash outlay is small (Rs. 57.42 lakhs), inheriting Quippo's ~Rs. 295 crore revenue base could meaningfully scale HMPL's top line and diversify it beyond its existing infrastructure business. Shareholders should view this as a transformational, though execution-dependent, growth move.