GP Petroleums532543Stake acquisition deal

Board approves acquisition of Incubit Pipavav Terminal shares for INR 44.27 crore; CFO change

Board approved buying equity shares of Incubit Pipavav Terminal Private Limited from existing shareholders for INR 44.27 crore, at INR 10.80 per sale share, in cash from internal reserves, in multiple tranches over one year.

By ScoutQuest · Tue 13 Oct 2026, 2:01 PM IST · 4 min read

INR 38.48 Crore+52%

FY2024-25INR 25.32 CroreFY2025-26INR 38.48 Crore

IPTPL turnover: INR 25.32 Crore (FY2024-25) and INR 38.48 Crore (FY2025-26).

Aggregate Consideration: INR 44.27 crore
Price per Sale Share: INR 10.80 per sale share
Strategic Investment Size: upto Rs. 50 Cr.

Two decisions came out of the board meeting held on October 13, 2026: a proposed strategic investment in a terminal company at Pipavav, and a change of Chief Financial Officer.

The proposed acquisition

The board considered and approved the acquisition of equity shares ("Sale Shares") of Incubit Pipavav Terminal Private Limited, formerly Gulf Petrochem (India) Private Limited, from some of its existing shareholders.
Aggregate consideration: INR 44.27 crore, at INR 10.80 per sale share, subject to any change in valuation of the shares of IPTPL.
The item is headed "Strategic investment in Incubit Pipavav Terminal Private Limited upto Rs. 50 Cr."
It is a cash consideration, to be paid from the company's internal reserves, and the sale shares may be acquired in multiple tranches over a period of one year.
The company proposes to acquire a strategic equity stake; the final number of shares acquired and the resultant percentage of shareholding will be determined based on the actual acquisition undertaken under the Share Purchase Agreement over a period of time.
The acquisition is subject to fulfilment or waiver of the conditions precedent under the SPA and receipt of applicable statutory, regulatory, corporate and third-party approvals or consents, including applicable updates and compliances under the Foreign Exchange Management Act, 1999, where applicable.

What the target does

Incubit Pipavav Terminal Private Limited stores and handles bulk petroleum and other liquid products and operates a bulk liquid storage terminal at Pipavav Port, Gujarat. It was incorporated on May 9, 2011 and its country of presence is India.
Turnover: INR 38.48 Crore in FY 2025-26, INR 25.32 Crore in FY 2024-25 and INR 37.20 Crore in FY 2023-24.

Related party angle

The acquisition of Sale Shares from Mrs. Anita Goyal constitutes a Related Party Transaction under the applicable provisions of the SEBI LODR Regulations, as she is part of the promoter group of the Company and is accordingly a related party.
The transaction is proposed to be undertaken on an arm's length basis and is supported by an independent valuation report.
The company states that the acquisition does not constitute a related party transaction under the Companies Act, 2013.

Why the company says it is doing this

The proposed acquisition is being undertaken as a strategic investment to strengthen the Company's strategic and operational presence at Pipavav and to leverage potential synergies through access to IPTPL's tank storage/rental space, terminal facilities and related infrastructure.

Agreements the board authorised

The board authorised the execution of the Share Purchase Agreement with the Selling Shareholders and IPTPL, and the Shareholders' Agreement with IPTPL and its shareholders, on the terms and conditions agreed between the parties, with the SHA governing the rights of the Company and the other shareholders vis-a-vis IPTPL.

Change of Chief Financial Officer

Mr. Arjun Verma resigns as CFO with effect from October 15, 2026, due to certain personal reasons requiring his attention and time. He continues to serve as the Whole Time Director (designated as Executive Director) and Key Managerial Personnel of the Company. In his resignation letter he confirms that there is no other material or significant reason for his resignation from the position of CFO.
Mr. Shirish Suvagia has been appointed CFO and Key Managerial Personnel with effect from October 15, 2026, as recommended by the Audit Committee and the Nomination and Remuneration Committee.
He is a qualified Chartered Accountant with over 22 years of professional experience in finance and accounts, treasury management, strategic financial planning, mergers and acquisitions, equity structuring, fundraising through debt and private equity, and business partnering. The update states he is not related to any of the Directors of the Company.
The board also updated the list of Key Managerial Personnel authorised to determine the materiality of events and information and to make disclosures to the stock exchanges. The updated list comprises Mr. Ayush Goel (Chairman & Managing Director), Mr. Arjun Verma (Executive Director), Mr. Shirish Suvagia (Chief Financial Officer, w.e.f. October 15, 2026) and Mrs. Kanika Sehgal Sadana (Company Secretary & Compliance Officer).

What to note

The announcement combines a proposed investment that the company describes as strategic and synergy-led with a change at the CFO position effective the same date. The investment is a cash outflow from internal reserves; the size is described as upto Rs. 50 Cr., the price per sale share and the aggregate figure are both subject to any change in valuation of IPTPL's shares, and completion depends on conditions precedent and approvals. The outgoing CFO remains with the company as a Whole Time Director and Key Managerial Personnel, and the incoming CFO takes charge on the same date.

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