GP Petroleums Acquires Specialty Bitumen Manufacturing Plant from Related Party for up to Rs. 14.75 Crores

GP Petroleums Ltd. has approved the acquisition of a specialty bitumen manufacturing plant from related party, New Horizons Asphalt Private Limited, for a maximum consideration of Rs. 14.75 Crores. The acquisition is expected to strengthen operational capabilities in the specialty bitumen segment and create long-term shareholder value. The company does not hold any equity shareholding in New Horizons Asphalt Private Limited. The definitive agreement for the purchase of the plant is in the process of being executed. The proposal is based on approval of the Audit Committee and Board of Directors.