Sharjah, U.A.E.-based Gulf Petrochem Group has offered to buy Mumbai, India-based lubricant producer Sah Petroleums. Gulf Petrochem struck a deal to buy the 75 per cent stake of Sah Petroleums that is privately held for Rs 60 crore (US$10 million) and has additionally made an open offer for buying the other 25 per cent stake from public shareholders which may cost up to Rs 20.02 crore ($3.3 million).

Gulf Petroleum, which already operates a grease plant and a small refinery in Sharjah, was started as a petrochemicals trading house by brothers Ashok Goel and Sudhir Goyel two decades ago and latter moved into refining and allied businesses. With the addition of Sah Petroleums, Gulf Petrochem would become one of the largest industrial lubricants companies in India.

Sah Petroleums specialises in manufacturing and marketing industrial & automotive lubricants, rubber process oils, transformer oils, white oils, greases and other specialties under the brand name IPOL in India and overseas for more than three decades.

According to its website, Sah Petroleums has blending plants in Vasai & Daman with in-house base oil storage of 17,000 KL. With an annual production capacity of 80,000 KL, the plants produce a wide range of products. A 3rd new blending plant is in the advanced planning stages which will add a capacity of another 40,000 KL to the existing ones.