Sah Petroleums becomes GP Petroleums Ltd.
Wednesday, April 15th, 2015
Sharjah, April 15, 2015: Gulf Petrochem Group, a UAE-based leading player in the oil space, today said that it had renamed its recent acquisition of Sah Petroleums, an Indian listed lubricant company, to GP Petroleums Ltd as the move unfurls a new chapter in the group's business in India and is linked with its vision to evolve and take Indian manufactured products global.
Gulf Petrochem acquired 72.23% in GP Petroleums Ltd on July 31st, 2014 held by promoters for Rs 60 crore ($10 million) pursuant to a share purchase agreement. Later on October 10th, 2014 an open offer was made for the remaining 26% representing 13,255,940 equity shares at a price of Rs 15.70 per share.
“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 Mr. Sudhir Goyel, Managing Director, Gulf Petrochem Group.”
GP Petroleums Ltd is amongst the leading lubricant players in the country. It specializes 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 now allows us to cater to the market segment we want to operate in while capitalizing on GP Petroleums Ltd marketing resources. It puts us in a better position to grow.” S Thangapandian, Executive Director, Gulf Petrochem Group.
The acquisition will further bolster Gulf Petrochem Group's offerings which are currently divided into six divisions, i.e. refining, storage terminals, trading & bunkering, bitumen, lubricants & grease manufacturing, shipping and logistics.
Separately, Gulf Petrochem has recently commissioned the first phase of its liquid cargo storage terminal at Pipavav Port in Gujarat with a capacity of 110,000 KL thus easing the supply and availability of petroleum, non petroleum and petrochemical cargo in the northern part of India.