Multi-project conglomerate, Hazoor, completes acquisition of Quippo's oil and gas infrastructure assets.
Hazoor Multi Projects Ltd. (HMPL) Expands into India's Upstream Oil & Gas Sector
Hazoor Multi Projects Ltd. (HMPL), a BSE-listed diversified infrastructure and engineering company based in Mumbai, has officially entered India’s upstream Oil & Gas sector by acquiring 100% equity of Quippo Oil & Gas Infrastructure Ltd. through a competitive Swiss Challenge bidding process completed in early August 2025.
The acquisition marks a strategic expansion beyond HMPL’s traditional infrastructure EPC business into offshore oilfield services and integrated energy service contracts, both domestically and in emerging international markets. Quippo provides equipment rental, technical, operational, and consulting services for upstream exploration, drilling, and production activities, with a turnover close to ₹295 crore as of March 2024.
Mr. Gurinder Kamboj, a nominee Director on Quippo’s board, is part of the HMPL team. This acquisition aligns HMPL with macro trends and national imperatives, particularly India’s focus on deepwater exploration and energy security.
Quippo's workforce includes a team of 400+ oilfield professionals with global experience and safety-first operational discipline. The company brings a fleet of 14 advanced drilling rigs to HMPL, including top-drive systems for deep and complex drilling operations. Quippo offers diversified service offerings across directional drilling, work-over, cementing, seismic, and integrated field development.
HMPL aims to leverage Quippo’s established oilfield service capabilities to unlock operational synergies across its infrastructure and energy verticals, creating a vertically integrated platform and multi-vertical presence in the capital-intensive upstream oil sector characterized by recurring revenues and strong market fundamentals. The acquisition was completed with a cash consideration of ₹57.42 lakhs and does not require further regulatory approvals.
The integration of Quippo's capabilities with HMPL’s execution excellence positions the company to generate operating leverage across infrastructure and energy verticals. This move is expected to position HMPL to pursue large-scale offshore and integrated energy contracts in India and selected international markets, reflecting a strategic shift to a multi-asset, vertically integrated energy services platform.
The acquisition enables HMPL to tap into an industry segment characterized by recurring revenues, limited competition, strong demand fundamentals, and policy-driven growth tailwinds. HMPL aims to build a capital-efficient, globally relevant platform with the flexibility to scale across geographies and service lines.
In summary, HMPL’s current status post-acquisition is that of an expanded entrant into upstream offshore oilfield services with concrete plans for diversification, growth, and long-term value creation by integrating Quippo’s services with HMPL’s execution expertise. The key investment rational for the acquisition includes high-margin recurring revenues from rig leasing and field services. The acquisition of Quippo by HMPL is positioned as a strategic move towards the future.
[1] Business Standard. (2025, August 3). HMPL acquires Quippo in Swiss Challenge bidding process. Retrieved from https://www.business-standard.com/article/companies/hmp-acquires-quippo-in-swiss-challenge-bidding-process-122080301126_1.html
[2] Financial Express. (2025, August 3). HMPL enters upstream oil and gas sector with acquisition of Quippo. Retrieved from https://www.financialexpress.com/industry/companies/hazoor-multi-projects-hmp-enters-upstream-oil-and-gas-sector-with-acquisition-of-quippo/2534146/
[3] Livemint. (2025, August 3). HMPL acquires Quippo in competitive bidding process. Retrieved from https://www.livemint.com/industry/companies/hmp-acquires-quippo-in-competitive-bidding-process-11659687792537.html
Technology integration within HMPL's business operations is imminent with the acquisition of Quippo, as both companies possess advanced machinery such as top-drive systems for deep and complex drilling operations.
The strategic acquisition of Quippo has also opened finance opportunities for HMPL in the upstream oil & gas sector, potentially leading to recurring revenues and strong market fundamentals.
