GP Petroleums appoints new CFO, acquires 44.27 cr stake in port terminal firm
GULFPETRO · price
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GP Petroleums board approved acquiring equity in Incubit Pipavav Terminal Pvt Ltd (IPTPL) from existing shareholders for about Rs 44.27 crores, as a strategic investment in port and related infrastructure. The deal will be done in tranches over one year, funded from internal reserves. Separately, Arjun Verma resigned as CFO for personal reasons but will continue as Executive Director. Shirish Suvagia, a Chartered Accountant with 22 plus years of finance experience, appointed as new CFO effective October 15, 2026.
Strategic port infra investment signals diversification beyond core lubricants. Smooth CFO transition with experienced CA replacement; Verma stays as ED for continuity.