Gulf Oil Corporation is planning to set up lubricants manufacturing plant near Chennai. Recently, the Hyderabad-based company has completed the demerger process of the lubricants business.
The demerged lubricants business, Gulf Oil Lubricants India, would have a turnover of about Rs 1,000 crore and is planning for several business initiatives and a large expansion project to expand the business further. This expansion project will take about 18 months.
Following the demerger process, the existing share capital of the company of Rs 19.83 crore will be split equally between Gulf Oil and Gulf Oil Lubricants India at Rs 9.915 crore each.
Gulf Oil Corporation is engaged in manufacturing industrial explosives, mining products, lubricants, speciality oils and chemicals, active pharma ingredients (bulk drugs) and pharma formulations.
