Hinduja's Gulf Oil scouts acquisitions in Asia, South America ahead of global listing

Mumbai: Gulf Oil Lubricants plans to return to Mexico in 2027, the market where the Gulf brand's journey began, as the Hinduja Group-owned company accelerates its international expansion, scouts acquisitions in new markets and prepares for a possible global listing in the next three to five years.

The company also plans to re-enter the US market in 2027 through a master-licensing arrangement covering 11 states, with discussions under way to expand into other parts of the country, Sanjay Hinduja, non-executive chairman of Gulf Oil Lubricants India, told ET.

The US was excluded when the Hinduja family acquired Gulf from Chevron Corp in 1984. The planned entry will mark the company's return to a market it had not been permitted to operate in under the original acquisition arrangement.


The group also intends to list Gulf Oil International in the next three to five years, although the listing venue and timing have not been decided.

"We are still busy expanding, acquiring and growing," said Hinduja, adding that the company was still a few years away from going public. Gulf Oil International remains privately held and does not disclose its revenue figures.

Its Indian entity is listed and has a market capitalisation of ₹5, 113 crore. Last week, Gulf Oil Lubricants India reported a 34.48% year-on-year increase in net profit to ₹117 crore in the second quarter of FY27, from ₹87 crore in the corresponding period last year. Profitability was supported by volume growth across consumer, commercial and industrial segments. Revenue from operations rose 44% to ₹1,379 crore from ₹ 957 crore. Earnings before interest, tax, depreciation and amortisation increased 37.29% to ₹163 crore from ₹118 crore, while the EBITDA margin contracted 58 basis points to 11.8% from 12.4% a year earlier.

Hinduja said the company was also scouting for acquisitions to strengthen its international presence. It has appointed banks to identify potential targets in South America and Southeast Asia, although investment commitments have not been finalised.

Gulf Oil International has established facilities in Argentina and Brazil and is developing operations in markets including Chile, Paraguay and Bolivia. Its marine lubricants business has emerged as a key international growth driver, servicing more than 1,000 ports globally. Hinduja said the business was now the world's second-largest marine lubricants player.

The group is also exploring acquisitions in Vietnam and other Southeast Asian markets.

In India, Gulf Oil Lubricants plans to invest ₹55 crore to expand manufacturing capacity at its Silvassa and Chennai plants by 70%, as it seeks to accelerate growth and strengthen its domestic market position, Ravi Chawla, MD and CEO of Gulf Oil Lubricants India, said.