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Gulf Petrochem Group has made an open offer to acquire 26% of India’s Sah Petroleums Ltd. from its public shareholders after the group’s 72.23% acquisition of the company in July this year.
The offer has been made by Gulf Petrochem’s subsidiaries, Gulf Petrochem Energy Private Ltd and Gulf Petrochem Pte Ltd to acquire 13,255,940 equity shares of Sah Petroleums Ltd’s share capital at a price of $0.26 per share. The offer is scheduled to close on 28th October, 2014.Â
Mr. Sudhir Goyel, managing director of Gulf Petrochem Group, said: “This acquisition fits our strategy to enhance Gulf Petrochem Group’s standing as a global conglomerate operating in the oil space. It further consolidates our integrated portfolio by extending our capabilities to manufacture, supply and globally distribute a wider variety of products, from base oils to finished lubricants.” said Mr. Sudhir Goyel, Managing Director, Gulf Petrochem Group. Sah Petroleums is amongst the leading lubricant manufacturers 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.The acquisition will further bolster Gulf Petrochem Group’s offerings which are currently divided into six divisions in refining, storage terminals, trading & bunkering, bitumen and grease manufacturing and shipping and logistics.”
