Shell completes acquisition of Raj Petro Specialities to strengthen its lubricant portfolio
completed the
acquisition
of
Raj Petro Specialities
, strengthening its lubricants portfolio and customer base, the company said on Tuesday.
Without disclosing financial details of the transaction, Shell said it has acquired 100 per cent equity interest in Raj Petro Specialities Pvt Ltd from the
Brenntag Group
.
"The acquisition of Raj Petro Specialities supports Shell Lubricants as it strives to grow its portfolio and customer base in India, which is one of its key growth markets," it said in a statement.
Raj Petro, which has manufacturing facilities at Chennai and Silvassa, offers a wide range of products - from transformer oil to petroleum jellies, white oils, waxes and lubricants. The more than 80-year-old Mumbai-headquartered firm was in 2017-18 acquired by Germany's Brenntag.
"The transaction strengthens Shell Lubricants' presence in the market by supplying customers in the power transmission, personal care and pharmaceutical sectors, as well as helping to realise new synergies and economies of scale across the lubricants value chain," the statement said.
The addition of Raj Petro Specialities will help maximise value for Shell through a complementary product portfolio and increased scale of business, "positioning Shell Lubricants for further growth in line with our unwavering focus on performance, discipline, and simplification," Jason Wong, Shell's Executive Vice President for Global Lubricants, said.
Raj Petro Specialities is a multi-faceted
petrochemical manufacturing
and marketing company with business partners in about 100 countries across the globe. The company offers a complete range of products catering to power and energy, personal care, tyre and rubber, food and pharma, construction and mining, chemicals and petrochemicals, engineering, petroleum and offshore, textiles, steel and metal, transport, including railways, automotive retail, agriculture, metalworking and general engineering industries.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Wire
an hour ago
- The Wire
CPI(M) Alleges Ties to Abhishek Banerjee, Massive Corruption in Deocha-Pachami Coal Project
Bankura: The Communist Party of India (Marxist) has demanded a judicial inquiry into the controversial Deocha-Pachami coal mining project in Birbhum district of West Bengal. At a press conference held on July 3 at the party's state headquarters on Alimuddin Street, CPI(M) state secretary Mohammed Salim alleged large-scale corruption, environmental violations, and illegal tender procedures, accusing both the Trinamool Congress (TMC)-led state government and the BJP-led Union government of complicity. Salim presented evidence alleging that the state government secured environmental clearance for the project fraudulently. He claimed the union environment ministry had granted clearance for a mere 12 acres, despite the project's actual size being over 431 hectares, which would necessitate a mandatory public hearing and full environmental scrutiny as a Category A project. 'This environmental certificate is practically fraudulent and was given under the auspices of the BJP-led Union government. Both the Centre and the state are responsible,'alleged Salim. The West Bengal Power Development Corporation Limited (WBPDCL) awarded the mining contract in March 2024 to Trancemarine & Confreight Logistics Pvt Ltd, a Mumbai-based firm with no prior mining experience, at a 71.05% revenue share. In April, 2025 Himadri Speciality Chemical Ltd, a Kolkata-based firm, acquired 60% of Trancemarine for a mere Rs 4.23 crore. Himadri also issued a Rs 150 crore loan to Sturdy Niketan, an obscure entity with no turnover, allegedly for royalty payments. According to a company release, Trancemarine's annual turnover for FY23-24 was Rs 35.69 crore, much higher than what Himadri is paying for its acquisition. 'Once someone is given a tender, it cannot be passed to someone else. This is a direct violation of WBPDCL policy. Sturdy Niketan, which has zero income, is being used as a front for illicit financial flows,' Salim claimed. Interestingly, Himadri Chemicals, now central to the project, had earlier invested in Tidings Media & Communication Pvt Ltd, which acquired the Bengali daily Ei Samay from the Times Group. One of Tidings' major stakeholders is Sanjay Basu, known to be a legal advisor and close confidante of both Chief Minister Mamata Banerjee and her nephew, the Diamond Harbour MP Abhishek Banerjee. In February 2025, CM Banerjee claimed at the Bengal Global Business Summit that coal mining had begun at Deucha-Pachami and promised over one lakh jobs. However, CPI(M) pointed out that WBPDCL has not even submitted the required geological report or mining plan to the Union coal ministry, 66 months after the coal block was allotted in overall project, including basalt mining, is expected to generate over Rs 1,500 crore in profits, raising serious questions about insider profiteering. 'Where is the coal? It was said that above 100,000 people would be employed, where is employment? The fact is that stones will be extracted from that land,' Salim said. Documents indicate that the coal mining lease process remains incomplete, and no private company applied to mine the block even after two deadline extensions in 2025. In November 2023, the state government authorised WBPDCL to mine basalt on 431.47 acres, with an estimated profit of Rs 5,600 crore. In June 2024, Pachami Basalt Mining PrivateLimited was incorporated in Kolkata. Neither Sturdy Niketan nor Pachami Basalt Mining Private Limited has an official website, and their corporate listing links to Basalt mining began in Deucha-Pachami site in February this year, but locals demanded a permanent halt, citing severe environmental and health hazards and alleging that forest land was cleared without informing the resident tribal communities.
Mint
an hour ago
- Mint
Rupee to weaken after rare positive news for dollar from US jobs report
MUMBAI, July 4(Reuters) - The Indian rupee is set to decline at open on Friday after data showed the U.S. labour market remained resilient, fuelling a rally in the dollar and pushing up Treasury yields. The 1-month non-deliverable forward indicated an open in the 85.46 to 85.50 range, versus 85.31 in the previous session. "The 85.30 level is a major support (for USD/INR), and the U.S. jobs data just reinforces that it's unlikely to break below that level in a hurry," a currency dealer at a Mumbai-based bank. "The dollar's broad recovery and the U.S. yield move have locked in that floor for now." U.S. data on Thursday showed non-farm payrolls rose more than forecast in June, while the unemployment rate unexpectedly dipped, highlighting ongoing labour market strength. Treasury yields climbed, lifting the dollar against major peers, while markets dialled back expectations of a Federal Reserve rate cut at this month's meeting. The jobs data is a 'rare piece of good news" for the U.S. dollar, Richard Potts, economist at FX advisory firm Bondford, said. "The data reduces the likelihood of the US Fed cutting rates at the July (meeting), maintaining the rate advantage U.S. has over other major economies," he said, while noting that just days earlier, Fed Chair Jerome Powell had kept the door open to a July cut, which had weighed on the dollar. Meanwhile, the Republican-controlled House of Representatives narrowly passed U.S. President Donald Trump's spending and tax cuts bill that is estimated to add $3.4 trillion to the nation's $36.2 trillion debt. "The question is how much of the bill's passage was already priced in," said Chris Weston, head of research at broker Pepperstone. Weston said the longer segment of the Treasury curve needs to be tracked for any rise in the term premium before making a call. ** India's market regulator bars U.S. trading company Jane Street from accessing the local securities market ** One-month non-deliverable rupee forward at 85.58; onshore one-month forward premium at 10 paise ** Dollar index up at 97.01 ** Brent crude futures down 0.4% at $68.5 per barrel ** Ten-year U.S. note yield at 4.35% ** As per NSDL data, foreign investors sold a net $87.2 million worth of Indian shares on July 2 ** NSDL data shows foreign investors sold a net $158.6 million worth of Indian bonds on July 2 (Reporting by Nimesh Vora; Editing by Mrigank Dhaniwala)
Time of India
2 hours ago
- Time of India
Soham Parekh confesses to moonlighting at Silicon Valley startups: No one likes to work 140 hours a week, but I had to do it out of ....
Indian software engineer Soham Parekh has publicly admitted to working at multiple Silicon Valley startups simultaneously after being exposed in a viral social media post, claiming financial desperation drove his controversial employment scheme. Tired of too many ads? go ad free now "It is true," Parekh confirmed in a TBPN interview when asked about allegations of holding multiple full-time jobs. "I'm not proud of what I've done. That's not something I endorse either. But no one really likes to work 140 hours a week, I had to do it out of necessity." The scandal erupted when Mixpanel co-founder Suhail Doshi publicly warned the startup community about Parekh on X, alleging he was "preying on YC companies" by working at three to four startups simultaneously. Doshi's post garnered over 20 million views, with dozens of founders sharing similar experiences of hiring and quickly firing the Mumbai-born engineer. Parekh says 'extremely dire financial circumstances' drove multi-startup employment The engineer, who relocated to the US in 2020 after originally planning to start graduate school in 2018, said his financial situation forced him to abandon his academic plans. When asked about potential contract violations, Parekh acknowledged his actions weren't defensible but emphasized they stemmed from desperation, not malicious intent. Parekh attributed his actions to severe financial circumstances rather than greed. "I was in extremely dire financial circumstances," he explained in the interview. "I'm not a very people person. I don't share much about what's going on in my life. So I just thought: if I work multiple places, maybe I can elevate myself out of the situation faster." Despite the public backlash, Parekh announced securing an exclusive founding engineer position at an AI video startup . "Earlier today, I signed an exclusive founding deal to be founding engineer at one company and one company only," he posted on X. "They were the only ones willing to bet on me at this time."
