Share Purchase Agreement executed to acquire 22.45% stake in Incubit Pipavav Terminal
GP Petroleums has executed a Share Purchase Agreement on November 11, 2026, to acquire a 22.45% stake in Incubit Pipavav Terminal Private Limited.
By ScoutQuest · · 2 min read
- Stake Acquired
- 22.45% stake in Incubit Pipavav Terminal Private Limited
- Aggregate Consideration
- up to ~₹44.27 crore
- Payment Structure
- payable in one or more tranches over a period of one year
What has been signed
GP Petroleums has executed a Share Purchase Agreement on November 11, 2026, with Incubit Pipavav Terminal Private Limited (IPTPL, formerly Gulf Petrochem (India) Private Limited) and its selling shareholders — Incubit Holding Pte. Ltd. and Mrs. Anita Goyal.
The agreement covers the acquisition of a 22.45% stake in IPTPL for an aggregate consideration of up to ~₹44.27 crore. The company held nil shares in IPTPL before this agreement.
How the deal is structured
- The stake is to be acquired in one or more tranches over a period of one year.
- The consideration is payable in one or more tranches over the same one-year period, so payment and share transfer are spread out rather than completed in a single step.
- The agreement provides for GP Petroleums to nominate director(s) for appointment to the Board of IPTPL in accordance with the agreed terms.
Why the company says it is doing this
The stated purpose is 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 and rental space, terminal facilities and related infrastructure.
The related party angle
- Shares bought from Incubit Holding Pte. Ltd. do not constitute a Related Party Transaction under the Companies Act, 2013 and SEBI LODR Regulations.
- Shares bought from Mrs. Anita Goyal do fall within Related Party Transactions under SEBI LODR Regulations, as she is part of the promoter group of GP Petroleums and therefore a related party.
- The company states that this transaction is being undertaken on an arm's length basis and is supported by an independent valuation report.
What a retail investor can take away
This is the next step after the company's earlier intimation of a proposed acquisition. The stake is meaningful but not a controlling one at 22.45%, and the one-year tranche structure means the holding may build up gradually. The board nomination right gives the company a voice in IPTPL's decision-making. The financial outgo is capped at up to ~₹44.27 crore, and because part of the purchase is from a promoter group entity, the arm's length and independent valuation points are the ones to note.
Also from GP Petroleums
Board approves allotment of 300 NCDs aggregating to Rs. 30 crore to RevX Special Credit Opportunities Fund II
7 Nov 2026
Vice President - Rubber Process Oil (SMP) resigns; ceases to hold post from November 05, 2026
6 Nov 2026
GP Petroleums Q2 FY27: revenue up 124% YoY to ₹340.75 crore, PAT up 179%; Pipavav terminal investment and ₹130 crore fundraise approved
28 Oct 2026
More numbers
- Stake in IPTPL to be acquired22.45%
- Aggregate consideration₹44,26,97,141/-
- Payment period for considerationone year
- Existing shareholding in IPTPLNil
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