Gandhar Oil Refinery to Terminate Joint Venture Agreement with Texol Oils FZC

Gandhar Oil Refinery (India) Ltd, at its Board Meeting held on September 23, 2025, has approved the closure/winding-up of the Joint Venture company formed with ESPE Oils FZC named Texol Oils FZC. The decision was made to terminate all existing licenses of the Company and to close the Joint Venture company. The Joint Venture Agreement was entered with mutual consent due to the Joint Venture not being beneficial to either party.