The foreign material subsidiary of Gandhar Oil Refinery (India) Ltd. has received a three-year contract from Abu Dhabi National Oil Co. for Distribution PJSC, UAE.
Texol Lubritech FZC has signed the contract for manufacturing, packaging, labelling, and making the products available on a contract basis.
The estimated annual value of the contract is Rs 375 crore for each of the years 2024, 2025, and 2026, the company said in an exchange filing on Monday. The contract quantity is estimated to be 30 million litres per year.
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Gandhar Oil Refinery is a producer of white oil by revenue, with a growing focus on the consumer and healthcare-end industries. The company's products are used as ingredients by Indian as well as global companies for the manufacture of end products for the consumer, healthcare, automotive, industrial, power, tyre, and rubber sectors.
Shares of Gandhar Oil Refinery closed 3.78% higher at Rs 216.77 apiece, as compared with a 0.47% advance in the NSE Nifty 50.
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