Sharjah, UAE-based Gulf Petrochem Group last Wednesday said it has renamed its recently-acquired Sah Petroleums, an Indian listed lubricant company, as GP Petroleums Ltd. Gulf Petrochem acquired 72.23 percent in GP Petroleums for Rs 60 crore in July last year. Later in October, an open offer was made for the remaining 26 percent at Rs 15.70 apiece.

"We aspire to make Gulf Petrochem Group a global conglomerate operating in oil space and have an integrated portfolio. This acquisition fits into our strategy and also helps us extend our capabilities manufacture, supply and globally distribute a wider variety of products. The Indian market is very important to us and GP Petroleums Ltd will help us expand our footprint in this ever growing economy." Sudhir Goyel, Managing Director, Gulf Petrochem Group.

GP Petroleums is among the leading lubricant players in the country. It specialises in industrial lubricants, automotive lubricants, process oils, transformer oils, greases and other specialties under the brand name IPOL in India and internationally for more than three decades.

"We are delighted with the name change and are happy to have this business as part of our portfolio. It is a good addition to our portfolio and allows us to cater to the market segment we want to operate in while capitalising on GP Petroleums Ltd's marketing resources. It puts us in a better position to grow," said S Thangapandian, Executive Director, Gulf Petrochem Group.