The stock is trading higher by 11% in trade today.
This will be GPPL’s second blending plant in the country and will manufacture specialty value added products, in addition to the automotive and industrial lubricants catering to the entire value chain. Apart from the home grown IPOL brand, the plant may blend REPSOL branded automotive products as well.
“We at GPPL are very bullish about the growth of the Indian lubricant industry and aim to be one of its fastest growing players. The new facility will accelerate our growth engine, which will be led by the automotive segment in tier two and three towns and cities. We already have a robust partnership with over 500 distributors across India which will be strengthened further in next few years,” said Prashanth Achar, CEO at GPPL.
Sudip Shyam, Global head for Lubricants and Base Oils, GP Global Group said, “The new plant is part of our global growth strategy to produce and market 500 million litres of lubricants across the world through both organic and inorganic routes. India is a very important market for GP Global and we are confident of securing a higher market share in both automotive and industrial segments in the coming years.”
GPPL’s brands IPOL and REPSOL are well placed to cover all the available segments of Motorcycle oils, Diesel Engine oils, Car Oils & Specialty oils and at different price strata. In the industrial segment, our flagship brand IPOL is known to be the bespoke solutions provider to the industries in India and other countries for more than four decades. IPOL is already number one private player in some industrial categories like rubber processing oils.
The company currently operates ISO 9001: 2015, EMS 14001:2015 and ISO 45001:2018 certified plant in Vasai near Mumbai with an annual capacity of 80,000 metric tonnes and houses a storage facility of 15000 metric tonnes, one of the largest in the Indian industry.
Separately, GPPL has recently embarked upon a unique corporate social responsibility initiative programme known as ‘We Care!’ under which the company is organizing health checkups for nearly 10,000 mechanics targeting almost every major tier two and three cities.