GP Petroleums to Acquire 22.45% Stake in IPTPL for ₹44.27 Cr
GP Petroleums Limited has entered into a Share Purchase Agreement (SPA) to acquire a 22.45% stake in Incubit Pipavav Terminal Private Limited (IPTPL) from Incubit Holding Pte. Ltd. and Mrs. Anita Goyal. The total consideration for this acquisition is up to ₹44,26,97,141 (₹44.27 Crore), payable in tranches over one year. This strategic investment aims to enhance GP Petroleums' presence at Pipavav by leveraging IPTPL's tank storage and terminal facilities. The acquisition from Mrs. Anita Goyal is considered a Related Party Transaction but is being conducted on an arm's length basis, supported by an independent valuation. GP Petroleums will also have the right to nominate directors to IPTPL's board.
Key Highlights
- GP Petroleums acquires 22.45% stake in IPTPL.
- Total consideration for the acquisition is up to ₹44.27 Crore.
- Strategic investment to enhance presence at Pipavav terminal.
- Acquisition includes board nomination rights.
- Transaction is on an arm's length basis with independent valuation.
Price Impact
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