New Delhi: UAE-based Gulf Petrochem Group Wednesday said it has renamed its recently-acquired Sah Petroleums, an Indian listed lubricant company, as GP Petroleums Ltd.
The company said the move "is linked with its vision to evolve and take Indian entity's products global".
Gulf Petrochem acquired 72.23 percent in GP Petroleums for Rs 60 crore in July last year. Later in October, an open offer was made for the remaining 26 percent, representing 13,255,940 shares at Rs 15.70 apiece.
"We aspire to make Gulf Petrochem Group a global conglomerate operating in oil space and have an integrated portfolio. This acquisition fits into our strategy and also helps us extend our capabilities manufacture, supply and globally distribute a wider variety of products," Sudhir Goyel, Managing Director, Gulf Petrochem Group.
"The Indian market is very important to us and GP Petroleums Ltd will help us expand our footprint in this ever growing economy."
GP Petroleums is among the leading lubricant players in the country. It specialises in industrial lubricants, automotive lubricants, process oils, transformer oils, greases and other specialties under the brand name IPOL in India and overseas.
"We are delighted with the name change and are happy to have this business as part of our portfolio. It is a good addition to our portfolio and allows us to cater to the market segment we want to operate in while capitalising on GP Petroleums Ltd's marketing resources. It puts us in a better position to grow," said S Thangapandian, Executive Director, Gulf Petrochem Group.
The acquisition is expected to bolster Gulf Petrochem Group's offerings.
Separately, Gulf Petrochem has recently commissioned the first phase of its liquid cargo storage terminal at Pipavav Port in Gujarat with a capacity of 1,10,000 kilolitre.
