The appointment, effective October 15, 2026, strengthens GP Petroleums’ financial leadership as the company pursues business expansion and growth in domestic and international markets.
GP Petroleums Limited (GPPL) has appointed Shirish Suvagia as its Chief Financial Officer (CFO) and Key Managerial Personnel, effective October 15, 2026. The appointment is expected to strengthen the company’s financial leadership as it continues to expand its lubricants business and pursue growth opportunities in India and international markets.
Suvagia brings more than 23 years of experience across finance, treasury, strategic financial planning, mergers and acquisitions (M&A), and fundraising through debt and private equity. His appointment adds experience in capital raising, financial planning and controls as GP Petroleums focuses on disciplined growth, capital efficiency and long-term shareholder value creation.
Extensive Experience in Corporate Finance
A Chartered Accountant, Suvagia has led treasury operations, debt and private equity fundraising initiatives, and financial transformation projects during his career. He has also worked on implementing Indian Accounting Standards (Ind AS) and International Financial Reporting Standards (IFRS).
His experience includes involvement in initial public offering (IPO) and rights issue-related transactions, including the preparation of Draft Red Herring Prospectuses (DRHPs) and Draft Letters of Offer (DLOFs).
Suvagia holds bachelor’s and master’s degrees in Commerce from the University of Mumbai. He has also completed an Executive MBA in Strategy from IIM Indore and holds a Certified Information Systems Auditor (CISA) certification from ISACA, along with an IFRS certification from the Institute of Chartered Accountants of India (ICAI).
CFO to Oversee Finance and Capital Allocation
In his new role, Suvagia will oversee GP Petroleums’ finance function, covering financial strategy, treasury, business planning, capital allocation, fundraising, risk management, financial reporting and internal controls.
The company said the appointment would add depth to its financial leadership as it works towards its long-term strategic growth initiatives. Strengthening these functions is expected to support business expansion, capital efficiency and financial discipline as the company pursues opportunities across its markets.
Commenting on the appointment, Ayush Goel, Chairman and Managing Director of GP Petroleums Limited, said Suvagia’s experience in corporate finance, treasury, fundraising and M&A would be valuable as the company focuses on capital allocation, business expansion and long-term value creation.
Goel also expressed confidence that Suvagia’s financial expertise and leadership would contribute to sustainable value creation for the company’s stakeholders.
Focus on Growth of the IPOL Lubricants Business
Suvagia said he was joining GP Petroleums at an important stage in its growth journey. He highlighted IPOL as an established brand with strong market fundamentals and opportunities for further growth.
He added that he looked forward to working with the board and leadership team to strengthen the company’s financial capabilities, support strategic initiatives and drive long-term value creation.
GP Petroleums Limited is a publicly listed company engaged in the manufacturing, distribution and marketing of industrial and automotive lubricants, process oils, greases and other specialty products under the IPOL brand. With more than five decades of industry presence, the company serves industrial and automotive customers across India and international markets.
Suvagia’s appointment comes as GP Petroleums continues to strengthen its leadership team to support its expansion plans, with financial strategy, fundraising and capital allocation forming key responsibilities of his new role.
