GP Petroleums (NSE:GULFPETRO, BOM:532543) has entered into a Share Purchase Agreement to jointly acquire Amron Oil Resources Private Limited, it said in an Indian bourse filing on Saturday.
The company, along with JV partner West Coast Oils, will acquire 100% of Amron by purchasing 5,000 equity shares at 2 Indian rupees each, totaling 10,000 rupees, the filing said.
GP Petroleums will hold a 50% stake, making Amron a joint venture company.
The acquisition aims to expand presence in the specialty and general bitumen sector. The transaction is expected to close within 30 days, subject to regulatory approvals, GP Petroleums said.
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