Gulf Oil Corporation Ltd is one of the leading companies in the business of lubricants and Emplobond clad products. The company is in the business of industrial explosives, mining products, lubricants, speciality oils and chemicals, active pharma ingredients and pharma formulations.
The company is multi-locational with factories and service centres across India. The IDL division has three main production centres at Hyderabad, Rourkela and Bhiwandi. The Lubricants division has their manufacturing facilities at Silvassa. The Building Products division has manufacturing facilities at Visakhapatnam and Hyderabad. The IDL Consult division operates from Hyderabad. The Speciality Chemicals division is based in Hyderabad. The Floriculture division is located in Bangalore. And the wind farms unit is located in Ramagiri in Andhra Pradesh.
Gulf Oil Corporation Ltd was incorporated in the year 1961. In the year 1967, IDL Chemicals Ltd set up their detonator factory in Hyderabad with technical assistance from Hungary and Yugoslavia. The company is the forefront of the explosives and detonator industry in India. In the year 1970, they set up an explosives plant in Rourkela with US collaboration.
In the year 1981, the company diversified into pharmaceutical business through their joint venture with Astra Pharmaceuticals AB, Sweden. In October 1995, the company changed their name from IDL Chemicals Ltd to IDL Industries Ltd.
In September 1997, the company stared their operation in the Wind Mill Division located in Ramagiri in Andhra Pradesh. During the year 1999-2000, they started commercial production in their new site mix plant at Ramagundam in Andhra Pradesh. In May 2000, the second Detonating Fuse Plant at Hyderabad was commissioned and in October 2000, anew bulk explosives plant was commissioned in Dhanbad.
Gulf Oil India Ltd merged with the company with effect from January 1, 2002 and as per the scheme of amalgamation, the name of the company had been changed to Gulf Oil Corporation Ltd. During the year 2001-02, IDK Arom International Ltd became the subsidiary of the company.
During the year 2002-03, the company undertook Iron ore mining projects for three mines in Barbil region. In August 2003, the Contracts Division of the company completed the Manuguru project. The company entered into joint venture agreement with Oil Bangladesh Ltd and formed Gulf Oil Bangladesh Ltd and the company commenced their operation in July 2003.
During the year 2004-05, PT.GULF OIL Lubricants Indonesia became a subsidiary of the company. The Lubricant Division of the company launched a new business venture namely, Gulf Authorised Mechanic Service in four metros during the year. Also, an agreement was reached with Mangalore Refinery & Petroleum Ltd for the sale of Gulf branded lubricants through the Oveal Relax Top fuel retail outlet. The sale of Gulf products commenced on March 19, 2005 in their first Oval Relax Top outlet, which was inaugurated on that day.
In the same year, the Lubricants Division of the company entered into a MoU with Indian Oil Corporation Ltd, for test marketing of CCP in selected outlets covering 5 metros. They completed the Koyagudem Project awarded by Singareni Collieries Company Ltd during the year. IDL Finance Ltd, a subsidiary of the company, acquired the Building Products Division of the company with effect from April 1, 2005 and renamed as IDL Buildware Ltd. In April 2005, the company acquired 51% shareholding in GULF OIL Yantai (Co) Ltd.
During the year 2006-07, the Lubricants Division of the company in association with Ashok Leyland, launched the country's first long drain engine oil with a drain period of 36,000 Kms. They bagged two large contracts in the coal-belt during the year. The first one is at Manuguru of Singareni Collieries. The second one is at Dudhichua Project of Northern Coalfields Ltd. The contracts are for Rs 110 crore and Rs 185 crore respectively. In June 2006, commercial production was started in their API Plant.
During the year 2007-08, the company entered into agreement with the Aditya Birla retail group and Metro Cash & Carry for placing their Gulf Car Care Product (CCP) line in the new retail channel across the country. They are continuing their mining services at the 6 iron ore mines in the Barbil region and 1 mine in Karnataka.
In the same year, the company has taken up a few assignments, which includes, Delhi Metro Rail Project, Structural Works at Jamnagar under Reliance and at Outer Ring Road in Hyderabad. They have been awarded an infrastructural contract from the Aditya Birla Group for their new Alumina Project in Orissa.
In October 2008, the company is in the process of transferring the Speciality Chemicals Division to IDL Agrochemicals Ltd, a wholly owned subsidiary and in turn transferring agriculture related business of the said subsidiary along with the land in favour of the company.