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Gulf Oil Corporation to expand in India

Wednesday, 05 Feb 2014

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Gulf Oil Corporation, a Hinduja Group company, is planning to expand in India by setting up a lubricants manufacturing facility near Chennai, Tamil Nadu.

The expansion will take 18 months. The company has identified a suitable site for the project near Chennai.

Gulf Oil Corporation has completed the demerger process of the lubricants segment and is waiting for the approvals. Following the demerger process, the lubricants business, Gulf Oil Lubricants India, will be listed separately after securing all approvals.

Post the demerger process, Gulf Oil Corporation will concentrate on the real estate projects and property development in its projects located in Bangalore and Hyderabad.

Further, 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. Once the demerger process gets over with all clearances, the existing shareholders will receive one share of Gulf Oil and one share of Gulf Oil Lubricants in place of two shares held in Gulf Oil.