Gulf Oil plans lubricants manufacturing unit near Chennai.

Gulf Oil Corporation, a Hinduja Group company, plans to take up its expansion project that entails setting up of a lubricants manufacturing plant near Chennai.

The Hyderabad - based company, has completed the demerger process of the lubricants business.

Subhas Pramanik, Managing Director, told Business Line, 'The demerger process will be beneficial to the company shareholders. It has been concluded at a court convened meeting of shareholders and unsecured creditors.'

The demerged lubricants business, Gulf Oil Lubricants India, would have a turnover of about Rs. 1,000 crore and has plans for several business initiatives and a large expansion project to grow the business further.

HBL