The Hindu Business Line : Gulf Oil targets Rs 1,000-cr turnover in three years

GULF Oil Corporation, the Hinduja group company formed after merging Gulf Oil India with the Hyderabad-based IDL Industries, plans to increase its turnover to Rs 1,000 crore in the next three years.

According to Mr Subhas Pramanik, Managing Director, Gulf Oil Corporation, the company has completed its restructuring. The Rs 130-crore Gulf Oil India has been divided into four autonomous divisions — lubricants, mining and infrastructure, commercial explosives and pharmaceuticals — each headed by a chief operating officer.

The company hopes to turn each business into a Rs 250-crore enterprise.

In India, it has begun producing car-care products. The only retail tie-up it has for marketing lubes is with Mangalore Refinery and Petrochemicals Ltd, which recently made its foray into petroleum retailing.

"We decided to break away from the usual retail and industrial tie-ups. Instead of concentrating only on the lubricants business, we have chosen to diversify," he said.

The company's Hyderabad-based unit, which produces bulk drug intermediaries used for making cosmetics as well as cardiac and anti-bacterial drugs, will soon begin commercial production, Mr Pramanik said.

"The unit has been feeding the market with test production and we have supplied products to Hong Kong, Dubai, Brazil and indirectly to Pakistan," he said.

Gulf Oil's Mining and Infrastructure division has worked on the Delhi Metro project and is looking at more such projects. Also, the division has worked at Singareni limestone mines. The division has seen comparatively modest service revenue income of Rs 60 crore, he said.

Last fiscal, the lubes division accounted for Rs 79.01 crore, explosives earned Rs 40.18 crore, while real estate and other revenues accounted for a mere Rs 8 crore.

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