Abu Dhabi: Gulf Petrochem Group, a UAE-based oil-related company, said that it had renamed its recent acquisition 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 per cent in GP Petroleums Ltd in July last year held by promoters for $10 million pursuant to a share purchase agreement.
Later in October, an open offer was made for the remaining 26 per cent representing 13,255,940 equity shares at a price of Rs15.70 per share, the company said in a statement.
“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,” said Sudhir Goyel, Managing Director, Gulf Petrochem Group.
