Maximus International's subsidiary secures purchase order worth Rs55 crore; Stock jumps ~3%

2 Sep 2022 , 03:10 PM

Maximus International Limited (MIL) has announced that its wholly owned subsidiary, Maximus Global FZE (MGF), has entered into a long-term (3 years) supply arrangement of around 5 Million Litres (approximately Rs55 crore as per current pricing) of bulk white oils and base oils with one of its larger customers namely Neo Lubritech FZ-LLC (NLFL), UAE.

NLFL has been a distributor and wholesaler for MGF in the Middle East and North Africa (MENA) region for various bulk petroleum products. MGF and NLFL have been associated with each other in this business for over 3 years and enjoy a strong working relationship in the MENA region.

NLFL plans to further add other key petroleum products, supplied by MGF, in the coming years to grow its business and sales.

“Maximus International Limited is confident that this association will scale further heights and would enable MGF become a Major Player in this market. Such an arrangement will also fuel the growth strategy of Maximus Group, which was unveiled few weeks ago”, the company said in a  regulatory filing.

At around 3:00 PM, Maximus International was trading at Rs333 per share higher by 2.62% on the BSE.

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