Sharjah, April 15 (IANS): UAE-based Gulf Petrochem Group on Wednesday said that it had renamed its recently acquired Bombay Stock Exchange-listed lubricant company, Sah Petroleums, as GP Petroleums Ltd., taking the Indian entity's products worldwide.

"The Indian market is very important to us and GP Petroleums Ltd. will help us expand our footprint in this ever-growing economy," Sudhir Goyel, managing director of Gulf Petrochem Group said in a statement here.

Gulf Petrochem acquired 72.23 percent in GP Petroleums in July 2014 for Rs.60 crore ($10 million), after a share purchase agreement with the promoters. Later in October, an open offer was made for the remaining 26 percent equity shares.

"We aspire to make Gulf Petrochem Group a global conglomerate operating in oil space and have an integrated portfolio, this acquisition fits our strategy and also helps us extend our capabilities to manufacture, supply and globally distribute a wider variety of products.

GP Petroleums Ltd. is amongst the leading lubricant players in the country under the brand name IPOL in India and overseas.

The acquisition will bolster Gulf Petrochem Groups's offerings, it said.

Gulf Petrochem has recently commissioned the first phase of its liquid cargo storage terminal at Pipavav port in Gujarat with a capacity of 110,000 kilolitres, the statement added.