Indias Maximus International Ltd. said its United Arab Emirates-based unit plans to acquire a controlling stake in Pacific Lubricants LLC, a lubricant producer with a plant in the UAE.
In a regulatory filing last week, Maximus said it will acquire a 49 percent stake of Pacific Lubricants, a manufacturer of industrial, specialty and automotive lubricants. The Indian trader of lubes and base oils did not specify the value nor timeline of the deal, but noted that the purchase would give it overall control over the operations of Pacific Lubricants.
Maximus wholly-owned subsidiary in the UAE, Maximus Global FZE, is currently acting as the Vadodara, Gujarat-based firms marketing and distribution arm in the Middle East.
It has been felt that this acquisition would be in the overall interest of the company and thereby add to its performance and profitability, Deepak Raval, an authorized signatory of the company, said in the Dec. 25 filing. Maximus did not respond to calls by deadline.
Maximus posted a profit of 40.13 lakh Indian rupees (Rs 4 million or U.S. $62,660) in the fiscal year ended March 31, up from just over Rs 1 lakh the prior year. Its total revenue jumped to Rs 10.3 crore from Rs 49.3 lakh during the period.
Maximus International, which is primarily engaged in the business of importing and exporting lubes, base oils and other chemical products, set up the UAE subsidiary in the Sharjahs Hamriyah Free Zone in April 2017.