In 2002, Gulf Oil India, a Hinduja group company, merged with IDL Industries to form Gulf Oil Corporation. Headquartered in Hyderabad, the company segregates its operations into explosives, lubricants, contracts and speciality chemicals and other business group divisions. It has two plants, a 75,000 TPA blending unit at Silvassa and a 10,000 TPA plant in Kolkata. In 2004, it acquired manufacturing facility of a bulk drug unit at Hyderabad for producing active pharmaceutical ingredients and speciality chemicals. Together with Oil Bangladesh Ltd., it has also set up a joint-venture company Gulf Oil Bangladesh Ltd. It also wrote an agreement with Mangalore Refining & Petroleum Ltd. for sale of GULF branded lubricants through the Oval Relax Top fuel retail outlets.
The distribution network was also revamped. In anticipation of the planned migration of emission norms from Bharat-2 to Bharat-3 for the 11 selected metros and from Bharat-1 to Bharat-2 for the rest of the country, the R&D department, lubricants division witnessed intense activity levels. Also, countries covered under the export market in the lubricants division tripled with additional exports to Indonesia, Maldives, Nepal, Ghana, Madagascar, Myanmar and Dubai. The company expects a moderate 3-4% growth in the lubricants market in India this year and sees a major opportunity in China`s large and growing lubricants market. The company`s plan for acquiring 51% of the equity of Gulf Oil Yantai Limited is in progress.
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