Gandhar Oil Refinery (India) Limited has informed the Exchange regarding Outcome of Board Meeting held on September 23, 2025.
GANDHAR · price
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The Board of Directors of Gandhar Oil Refinery, at a meeting held on September 23, 2025, approved the closure and winding up of its Joint Venture company, Texol Oils FZC, in which Gandhar holds a 50% stake. The JV was formed with ESPE Oils FZC and operated under a Commercial License from the Hamriyah Free Zone Authority in Sharjah. The Board also approved terminating the existing licenses held by the company and ending the Joint Venture Agreement with ESPE Oils FZC. The company cited 'changed circumstances' making the separate JV structure no longer beneficial to either party, with both sides agreeing to terminate by mutual consent. The termination is subject to approval from the Registrar, and the final agreement execution date is yet to be confirmed.
This is a routine restructuring move with no immediate material financial impact disclosed. Shareholders should view it as portfolio cleanup — the company is exiting a non-beneficial overseas JV, which could free up management bandwidth and capital but is not expected to meaningfully affect earnings or stock price in the short term.