Gulf Petrochem Group has renamed its recent acquisition of Sah Petroleums, an Indian listed lubricant company, to GP Petroleums Ltd.
Gulf Petrochem acquired 72.23% in GP Petroleums Ltd on July 31st, 2014 held by promoters for $10mn, subject 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 $0.25 per share.
“We aspire to make Gulf Petrochem Group a global conglomerate operating in the oil space and have an integrated portfolio to fit,” said Sudhir Goyel, managing director, Gulf Petrochem Group.
“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.”
Separately, Gulf Petrochem has recently commissioned the first phase of its liquid cargo storage terminal at Pipavav Port in Gujarat.
The company said it would ease the supply and availability of petroleum, non-petroleum and petrochemical cargo in the northern part of India.
