Published 22nd August, 2013
Gulf Oil Corporation Limited (GOCL) has approved the demerger of its lubricants division.
The demerger is part of restructuring plants and will involve a transfer to a wholly-owned subsidiary — Hinduja Infrastructure Limited, which is a separate listed entity based in Hyderabad, India. The proposed amalgamation is set to take place on 1st April 2014.
The lubricants division is Gulf's biggest revenue contributor, providing nearly 80% of the company's product uncome.
Meanwhile financing of GOCL's 100% acquisition of Houghton International, announced at the end of last year, has been financed by equity from GOIL Cayman into a specially formed GHGL London Limited.