GP Petroleums Limited (GPPL) announced today that its Board of Directors has approved a Joint Venture Agreement with West Coast Oils (WCO), based in Vadodara, Gujarat. This strategic partnership aims to establish a joint venture entity with the objective of expanding the footprint and market presence in the speciality and general bitumen sector and to carry on business as manufacturers, processors, refiners, makers, stockiest, traders and distributors of various types of specialty bitumen products.
The decision highlights GPPL’s commitment to strengthening its market presence and enhancing its capabilities in manufacturing, processing, and distributing specialty bitumen products.
According to the details disclosed in the Board meeting, both GPPL and WCO will equally contribute to the new entity, with a total initial capital investment of Rs. 22 crores.
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