Maximus International Signs SPA to Acquire 40% Stake in Quebec Petroleum for ₹18.43 Cr

Synopsis: Maximus International Limited has executed a Share Purchase Agreement to acquire a 40 percent stake in Quebec Petroleum Resources Limited, a Vadodara-based lubricants manufacturer and petroleum products distributor. The acquisition is expected to strengthen the company’s presence in the lubricants and petrochemical business.

Shares of Maximus International Limited are likely to remain in focus after the company announced that it has executed a Share Purchase Agreement (SPA) to acquire a 40 percent equity stake in Quebec Petroleum Resources Limited, a Vadodara-based lubricants manufacturing and petroleum products distribution company.

Maximus International Limited has a total market capitalization of approximately Rs. 167.32 crore. The company’s shares were trading at Rs. 12.30 apiece on the stock exchange, [up by 1.40 percent during the session. The stock has gained 8.85 percent over the last five trading sessions, while it has gained 13.57  percent over the last month. The stock touched a 52-week high of Rs. 13 and a 52-week low of Rs. 8.

According to the company’s exchange filing, the Share Purchase Agreement was executed on June 23, 2026, following its earlier announcement regarding the proposed acquisition. The agreement has been entered into with Mr. Aniruddh Gandhi for the acquisition of a 40 percent stake in Quebec Petroleum Resources Limited, which has been engaged in lubricants manufacturing and petroleum products distribution in the Indian market for more than 20 years.

The company disclosed that Mr. Aniruddh Gandhi, a Non-Executive and Non-Independent Director as well as a substantial beneficial owner of Maximus International, is a related party. Accordingly, the transaction qualifies as a related-party transaction; however, the company clarified that it is being undertaken on an arm’s-length basis in compliance with applicable regulations.

The proposed acquisition is expected to strengthen Maximus International’s position in the lubricants and petrochemical value chain by expanding its manufacturing capabilities and enhancing its distribution network. Quebec Petroleum’s established presence in the domestic lubricants market could also provide operational synergies and improve the company’s product portfolio.

India’s lubricants industry continues to benefit from rising vehicle ownership, industrial production, infrastructure development, and increasing demand from manufacturing sectors. While the transition towards electric vehicles may gradually reshape the automotive lubricants market, industrial lubricants, specialty oils, and process fluids continue to offer significant long-term growth opportunities.

For investors, the acquisition reflects Maximus International’s strategy of expanding through inorganic growth while strengthening its presence in the high-margin lubricants business. Strategic acquisitions can enhance manufacturing capacity, improve market reach, and create cross-selling opportunities across automotive and industrial customer segments.

Incorporated in 2015, Maximus International Limited is engaged in the manufacturing and distribution of lubricants, lube base oils, and petrochemical products, catering to industries including automotive, metalworking, refrigeration, electrical equipment, paints, inks, and other industrial applications.

The execution of the Share Purchase Agreement marks an important step in Maximus International’s expansion strategy and is expected to strengthen its position in India’s growing lubricants and petroleum products industry.

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