Gulf Oil Corp To Sell Explosives Subsidiary - IDL Explosives Ltd
Hinduja Group's Gulf Oil Corporation is planning to sell it's explosives business arm - IDL Explosive Ltd.
The company has decided to divest it's entire equity holding comprising of 50,000 shares of R2000 each and 2,49,000 preference shares of R24.90Cr to the highest bidder.
IDL Explosives Ltd was formed in 2010 after Gulf Oil demerged it's industrial explosives division comprising of packaged explosives, bulk explosives and metal cladding business. This demerged business division has seven manufacturing plants located at Rourkela, Singrauli, Korba, Rajrappa, Ramagundam, Dhanbad and Udaipur.
Gulf Oil Corporation - a Hinduja Group Company - was formed in 2002 by merging Gulf Oil India Ltd and IDL Industries Ltd. Gulf Oil Corporation has four divisions - Lubricants (53% of the revenue), Explosives (29% of the revenue) and Contract Mining (21% of the revenue).
Gulf Oil on BSE
In Sept'09, Gulf Oil sold IDL Speciality's bulk pharmaceutical business to Biocon Ltd for an undisclosed amount. In February'10,it also announced that it may sell it's speciality chemicals business.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 07/02/12 | IDL Explosive - Gulf Oil Corporation (Exit) | M&A | Looking For | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 10/05/12 | Venture Capital | The Chennai Angels | Proklean Technologies Private Limited | 0.47 | Completed |
| 08/05/12 | M&A | Yara Nederland B.V. | Ethiopotash B.V | - | Completed |
| 24/04/12 | M&A | Coromandel International Limited | Mangalore Chemicals And Fertilizers Limited | - | Planned |
| 24/04/12 | M&A | Rallis India Limited | Zero Waste Agro Organics Private Limited | 5.49 | Completed |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Gulf Oil Corp. Limited | Sanjay G Hinduja Ramkrishan P Hinduja Vinoo S Hinduja V Ramesh Rao Vinod K Dasari Abin Kumar Das Alain V Dujean Prabal Banerjee |
Kukatpally | www.gulfoil.com | |
| IDL Explosives Limited | Gulf Oil Corporation Limited | Post Bag No.1, Sanathnagar (IE), Kukatpally | www.idlexplosives.com | |
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