GP Petroleums Ltd. said its Chief Executive Officer Prashanth Achar resigned.

There is no material reason for the resignation, the lubricants manufacturer said in a stock exchange announcement. The resignation will be effective from the closing hours on 14 August, it added.

The company, which manufactures lubes under the IPOL brand, didn’t provide details about his successor.

Achar, a Bachelor of Engineering (Mechanical) and MBA in Marketing, was appointed as CEO of the company on 7 October 2019. Previously, he has worked in various capacities with BP Plc, Castrol India, Tata BP and Tata Motors.

GP Petroleums is primarily into manufacturing of lubricants & greases in India, according to its website. It also trades in base oils, bitumen, coal and bunker fuel oil.

The company has plants in India with an annual production capacity of 80,000 kiloliters. It also has an In-house base oil storage facility of 15,000 kiloliters.

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