GP Petroleums Limited has informed the Exchange about Letter of acceptance awarded to its JV Company by Indian Oil Corporation Limited.
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GP Petroleums' Joint Venture company, Amron Oil Resources Private Limited, has received a Letter of Acceptance from Indian Oil Corporation Limited. The contract involves supply of 9,000 MT of VG 30 and 6,000 MT of VG 40 grade bulk bitumen at Pipavav. The total contract value is ₹74.04 crore including 18% GST. The order is to be executed within 12 months from placement, with provision to extend for another 12 months on mutual consent. This is a domestic supply contract in the petroleum/bitumen segment.
A ₹74 crore contract from IOCL validates the JV's operational capability in bitumen supply. While no revenue percentage is provided, the amount is material for the JV and signals steady business flow for GP Petroleums through its stake in the JV.