Hyderabad-based Gulf Oil Corporation, a Hinduja Group company, is planning to raise $75 million (around Rs 300 crore) through foreign currency convertible bonds (FCCBs) to fund expansion plans. The company would set up new facilities including a lubricant manufacturing plant, likely to be located in Tamil Nadu. Speaking to the media on the sidelines of the company's annual general meeting (AGM) on Saturday, Subhas Pramanik, managing director, Gulf Oil, said the proposed expansion would further scale up the operations of all the four divisions, which would pave the way for hiving them off at a later date. The AGM has approved the recommendations to split the stock to Rs 2 from the present face value of Rs 10 of the share. Besides focusing on its core business, the company has also drawn up plans for property development at its land. A 5-million square feet IT, ITeS and residential project would come up on a 40-acre plot at Yalahanka in Bangalore at an investment of Rs 1,000 crore and a 100-acre knowledge park for R&D initiatives in various fields at about Rs 800 crore in Hyderabad, according to Pramanik. |