Gulf Oil targets robust growth, plans to invest Rs 150 cr
The Dollar Business Bureau Gulf Oil Lubricants India Ltd, the leading lubricant multinational, said on Wednesday that it is targeting a strong organic growth in the coming few years and is in process to invest Rs.150 crore in the company’s new unit in Chennai. The company stated that it will also put more focus on the passenger automotive business.“We are aiming for strong growth in India. We are putting up our second greenfield plant at Chennai at a cost of Rs.150 crore to augment the capacity in the next 18 months to 1.35-1.40 lakh MT capacity,” said Ravi Chawla, Managing Director, Gulf Oil Lubricants. Recently, the company had invested Rs.40-45 crore as capital expenditure to ramp up the capacity of its first plant ...
Reliance to sell its entire share in GAPCO to Total
The Dollar Business Bureau Reliance Industries Ltd’s (RIL) indirectly fully-owned arm, Reliance Exploration & Production DMCC (REPDMCC), has signed an agreement to sell its entire interest of 76 percent in the Mauritius-incorporated GAPCO to Total Marketing and Services. REPDMCC has signed agreement with Total on May 30, 2016 for the sale of its entire 76 percent interest held by it in the GAPCO (Gulf Africa Petroleum Corporation), RIL said in a BSE filing on Tuesday. The proposed deal is subjected to approvals from regulatory bodies and other conditions that are applicable for such transactions, it added. GAPCO, a holding company, has operating arms in Kenya, Tanzania and Uganda, which are majorly involved in the imports of petroleum products. The company is also ...
Twenty-two SEZ projects cancelled for no progress; 27 get more time
The Dollar Business Bureau The government has cancelled 22 projects for the setting up of special economic zones (SEZs) related to IT and engineering sectors. The projects, including 11 SEZs proposed in the national capital region (NCR), that were cancelled because their developers failed to make “satisfactory” progress. The decision to cancel these SEZs was taken after Commerce Secretary Rajiv Kher held a review meeting with the Board of Approval (BoA) on May 19. “The Board noted that the progress made by the developer is not satisfactory. The Board, after deliberations, decided to cancel the formal approval/notification, as the case may be, in these 22 cases,” said a statement released by Commerce Ministry. The board has also asked the developers to ...
