Gulf Oil to start focusing on real estate business

Gulf Oil Corp. expects property development to emerge as a major business for the Indian company. “Initial results should become visible in the fourth quarter of the current fiscal year (through March 2010),” said Gulf Oil Managing Director Subhas Pramanik. The Hyderabad-based company, which makes specialty chemicals and lubricants, has a land bank of 2,000 acres and is also developing a 100-acre industrial park. (November 4, 2009)