HPCL and GP Petroleums signs deal for bulk bitumen supply, worth Rs 223 crore

GP Petroleums Ltd has entered into a supply agreement worth approximately Rs 223 crore with Hindustan Petroleum Corporation Ltd (HPCL), a government of India enterprise, to provide Bulk Bitumen - VG30.

According to the exchange filing, GP Petroleums Limited (the Company or the seller) has entered into a supply agreement for Bulk Bitumen -VG30, dated November 29, 2024, with Hindustan Petroleum Corporation Limited (a government of India Enterprise) (HPCL or the Buyer) for the supply of Bulk Bitumen - VG30 conforming to IS 73-2013 at various locations as required by HPCL.

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The agreement ensures the delivery of around 50,000 metric tonnes of bitumen across various locations as HPCL requires. The contract, which is not with a related party, was finalized on an arm's length basis.

The initial tenure of the agreement is for one year, with the possibility of an extension for another year at HPCL's discretion. Bitumen is a critical component used for infrastructure projects like road construction and is a key offering in GP Petroleums’ product portfolio. Shares of GP Petroleums Ltd ended at Rs 61.40, down by Rs 0.33, or 0.53% on the BSE.

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