Gulf Oil Lubricants plans to invest Rs 100 crore for setting up a new manufacturing plant in Tamil Nadu. At an investor presentation, filed with the exchanges, the Hinduja Group company said that the ongoing expansion in its Silvassa plant in Dadra and Nagar Haveli is likely to be over by March. The company has already invested Rs 44 crore in the project.
´We have spent Rs 35 crore to acquire land for the second plant (in Ennore near Chennai) and in the next two years, we will be building up the capacity there. We will start with a capacity of 42,000 KL to 50,000 KL. And we expect an additional capex of around Rs 100 crore for the project,´ said Manish K Gangwal, Chief Financial Officer, Gulf Oil.
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