UAE-based Gulf Petrochem Group said that it has renamed Sah Petroleums, an Indian-listed lubricant company which it has recently acquired, to GP Petroleums Ltd.
Gulf Petrochem acquired 72.23% in GP Petroleums Ltd. in July 2014 for INR 60 crore (USD 9.6 million). In October 2014, it acquired the remaining 26% stake in the company, or 13,255,940 shares, at a price of INR 15.70 (USD 0.25) per share.
Gulf Petrochem’s vision is to take the Indian lubricant company’s products globally.
“We aspire to make Gulf Petrochem Group a global conglomerate operating in the oil space and have an integrated portfolio to fit. This acquisition fits our strategy and also helps us extend our capabilities to manufacture, supply and globally distribute a wider variety of products. The Indian market is very important to us and GP Petroleums Ltd. will help us expand our footprint in this ever growing economy,” said Sudhir Goyel, managing director, Gulf Petrochem Group.
GP Petroleums Ltd. is one of the leading lubricant companies in India, specializing in industrial lubricants, automotive lubricants, process oils, transformer oils, greases and other specialties, under the brand name IPOL.
“We are delighted with the name change and are happy to have this business as part of our portfolio. It now allows us to cater to the market segment we want to operate in while capitalizing 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 will further bolster Gulf Petrochem Group’s offering. The company currently has six divisions: refining, storage terminals, trading & bunkering, bitumen, lubricants & grease manufacturing, shipping and logistics.