Gulf Oil Corporation has received its board's approval to divest its holding in the three subsidiaries namely Gulf Oil Yantai (51% holding), Gulf Oil Indonesia (75% holding) and Gulf Oil Bangladesh (51% holding) for an overall amount of around Rs 54.90 crores (cost of investment Rs 29.10). Accordingly, the steps will be taken to operationalise the disinvestment over the next 2-3 months taking into account regulatory requirements, if any in the respective countries.
The disinvestment will also help the company to focus on the Lubricants' business in India and grow further with demerging the business into a listed company namely Gulf Oil Lubricants India (formally Hinduja Infrastructure).
Gulf Oil Corporation is engaged in manufacturing industrial explosives, mining products, lubricants, speciality oils and chemicals, active pharma ingredients (bulk drugs) and pharma formulations.
