World News
Gulf Petrochem Renames Indian Acquisition, Puts it "in a Better Position to Grow"
UAE oil player Gulf Petrochem Group (Gulf Petrochem) Wednesday announced in an emailed press statement the renaming of recently acquired Indian business Sah Petroleums.
The company will now be called GP Petroleums Ltd. as it takes on "a new chapter in the group's business in India."
The group said the move is linked with its vision to evolve and take Indian manufactured products global.
Last July, Gulf Petrochem acquired 72.23 percent of the Indian lubricants manufacturer for Rs600 million ($10 million).
The newly renamed company is said to be among the largest suppliers of 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," said Gulf Petrochem Group's Executive Director, Mr. S. Thangapandian.
"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."
In February, Gulf Petrochem said its new storage facility at Pipav port, India, will handle fuel oil.
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