Haldia Petrochemicals Limited (HPL) has acquired 51% stake in Larsen & Toubro's joint venture company HPL Cogeneration Limited (HPLCL), which supplies power and steam exclusively to HPL, in a deal valued at Rs 180 crore.

With the acquisition of the stake, HPLCL now becomes a 100 per cent subsidiary of HPL.

According to the initial agreement, HPL could buy out L&T's stake in 2020 at a suitable price. However, both parties decided to go ahead with a buy-out now.

HPLCL, which has a paid up equity of Rs 122 crore, has a generation capacity of 116 MW and uses naphtha as feedstock. It posted a net profit of Rs 76 crore on a turnover of Rs 133 crore.

Subsequent to the buyout, HPL has plans to invest in improving energy efficiency by exploring utilisation of alternative feedstock.

HPL reported a net profit of Rs 263 crore on turnover of Rs 8,600 crore for the year to March 31, 2008, against a net profit of Rs 581 crore on turnover of Rs 8,200 crore for the previous year.