GP Petroleums to invest Rs 100 crore in new Gujarat plant, share price up 20%
This will be the company's second blending plant in the country and will manufacture specialty value-added products.
February 18, 2020 / 03:03 PM IST
GP Petroleums share price gained 20 percent intraday on February 18 after the company announced a plan to set up a Rs 100 crore plant in Gujarat.
The company is planning to invest Rs 100 crore in a new state-of-the-art plant in Saronda to process over 300,000 kilo litres of lubricants, which will allow it to be present across the entire gamut of Indian lubes market.
This will be the company's second blending plant in the country and will manufacture specialty value-added products in addition to the automotive and industrial lubricants, the firm said in a release.
Apart from the home-grown IPOL brand, the plant may blend REPSOL branded automotive products as well, it added.
"The new facility will accelerate our growth engine, which will be led by the automotive segment in Tier Two and Three towns and cities. We already have a robust partnership with over 500 distributors across India which will be strengthened further in next few years,” GPPL CEO Prashanth Achar said.
At 1448 hours, GP Petroleums was quoting at Rs 53.10, up Rs 6.55, or 14.07 percent, on the BSE.