Joint Venture10 Oct 2024, 04:15 pm
GP Petroleums Limited Authorized to Enter Joint Venture Agreement with West Coast Oils
AI Summary
GP Petroleums Limited, a company listed on the stock exchange, has received authorization from its Board of Directors to enter into a Joint Venture Agreement with West Coast Oils, based in Vadodara, Gujarat. The new entity will expand the footprint and market presence in the speciality and general bitumen sector, and carry on business as manufacturers, processors, refiners, makers, stockiest, traders and distributors of various types of specialty bitumen products. The initial paid-up capital of the new JV entity will be Rs. 22 crores.
Key Highlights
- GP Petroleums Limited to form a Joint Venture with West Coast Oils
- New entity to expand footprint and market presence in the bitumen sector
- Equal contribution from both parties in the new JV entity
- The new JV entity will manufacture, process, refine, make, stock, trade and distribute specialty bitumen products
- Initial paid-up capital of the new JV entity will be Rs. 22 crores