The Chatterjee Group controlled Lummus Technology and TCG Digital are coming together to harness emerging digital transformation opportunities in the oil and gas sector.
The firms have floated a joint venture — Lummus Digital — which will work with existing and potential customers of the two companies based in India, the United States, West Asia and Europe.
TCG had acquired Lummus in partnership with private equity firm Rhone Capital for $2.725 billion in June.
This marks one of the early initiatives of TCG to sweat the vast knowledge base and proprietary technologies of the 110-year old Lummus in a world upended by the pandemic.
The venture will aid Lummus’ clients — which include some of the leading names in the oil and gas sector — to implement digital analysis and operative solutions in their refining, petrochemical, and gas processing assets and across the hydrocarbon processing value chain.
Purnendu Chatterjee, chairman of TCG, said the JV would provide an edge with digitalisation in these difficult times. “This joint venture will co-create and innovate with other areas of the group such as TCG Crest, our research university, LabVantage and Haldia Petrochemicals,” Chatterjee said in a statement.
Lummus Digital will offer big data, advanced analytics, artificial intelligence, process simulations, proprietary know-how, and 24/7 advisory services, the company said.
Commenting on the partnership, Leon de Bruyn, president and CEO of Lummus Technology, said the initiative would ensure the company’s position as industry leader at the forefront of innovation.
The solutions are designed to maximise economic benefit through digitalisation; ensure operators and technicians are equipped with the insights to improve efficiency and reliability of their operations and assets.
The products will 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, the statement said.
Debdas Sen, CEO of TCG Digital, said, “Lummus Digital will leverage the TCG mcube data platform to drive operational excellence, improve plant safety, enhance reliability, and increase margins.”
