Maximus International Limited has acquired a 40% equity stake in Quebec Petroleum Resources Limited for ₹18.43 crore, marking its entry into India’s domestic lubricants and petroleum products market. The transaction, approved by the Board on June 19, 2026, was executed via a Share Purchase Agreement (SPA) signed on June 23, 2026, with Mr. Aniruddh Gandhi, a Non-Executive and Non-Independent Director and Substantial Beneficial Owner of Maximus International. This related party transaction is structured on an arm's length basis and will be settled through cash consideration.

The acquisition provides Maximus International with an established manufacturing platform and distribution network in India, complementing its existing operations in the Middle East and Africa. Quebec Petroleum Resources Limited, incorporated on November 21, 2005, operates from Vadodara, Gujarat, and specializes in the manufacturing and marketing of automotive, industrial, and speciality lubricants. The target company reported a turnover of ₹184.73 crore for FY2024-25.

Target Entity Details

Quebec Petroleum Resources Limited serves as the acquisition target with established operational capabilities.

Financial Performance

The financial performance of Quebec Petroleum Resources Limited over the preceding three years indicates a fluctuating trend in turnover.

Transaction At a Glance

Mr. Dipak Raval, Chairman & Managing Director of Maximus International Limited, stated that the acquisition strengthens the company's presence in India’s lubricants sector. He highlighted that combining Quebec’s domestic capabilities with Maximus International’s established presence across the Middle East and Africa is expected to create meaningful operational and market synergies. The transaction is subject to the fulfilment of conditions stipulated in the SPA and other associated transaction documents.

Maximus International Limited has opened the remote e-voting window for its postal ballot process to seek shareholder approval for the appointment of Mr. Aniruddh Gandhi as a Non-Executive Non-Independent Director. The resolution seeks to regularize Gandhi's position, who was appointed as an Additional Director by the Board on April 18, 2026, subject to member consent. The outcome of this vote will determine the composition of the company's board, as Gandhi holds a significant stake in the firm.

The Board of Directors appointed Mr. Kamal A. Lalani, a Practicing Company Secretary, as the Scrutinizer to oversee the fairness and transparency of the remote e-voting process. The company has engaged Central Depository Services (India) Limited (CDSL) to facilitate the electronic voting mechanism. Shareholders whose names appear on the Register of Members or list of Beneficial Owners as on the cut-off date of Friday, May 29, 2026, are eligible to participate.

E-Voting Schedule and Process

The voting window opens on Friday, June 5, 2026, at 9.00 a.m. IST and closes on Saturday, July 4, 2026, at 5.00 p.m. IST. Shareholders can cast their votes remotely through the CDSL platform or via their respective depository participants. The notice has been dispatched electronically to members with registered email addresses, in compliance with Ministry of Corporate Affairs circulars.

Director Profile and Background

Mr. Aniruddh Gandhi (DIN: 07912519) brings expertise in business development and international trade, specifically regarding specialty oils and lubricants. He holds a Master of Science in Business and Entrepreneurship from Babson College, USA, and a bachelor's degree in Chemical Engineering from the University of Illinois Urbana-Champaign, USA. Prior to this role, he served as a director at Sukruti Infratech Private Limited and Anan Advisory Services Private Limited.

As per the disclosure, Gandhi holds 7,83,32,880 shares, representing 57.58% of the total paid-up share capital of the company, acting as a Significant Beneficial Owner. The company stated that he is not disqualified from being appointed as a Director under Section 164 of the Companies Act, 2013, and has confirmed he is not debarred by SEBI or any other authority.

The resolution requires approval as an Ordinary Resolution. The Scrutinizer will declare the results within two working days after the conclusion of the voting period, and the outcome will be communicated to BSE Limited and uploaded on the company’s website.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE544W01021/fd274216-379a-4b5d-aa71-9ed7fadfbb24.pdf