Kolkata, May 30 (IANS) Lubricants maker Tide Water Oil Co. Wednesday said it can consider the possibility of forming a joint-venture with Japan’s JX Nippon Oil and Energy Corporation-keen to expand its business in India.
Kolkata-based Tide Water, a part of the Andrew Yule group, already has a technical collaboration with JX Nippon, Japan’s top oil refiner.
“Nippon has shown intent to expand their business in India and we are actively discussing the matter with them,” Andrew Yule chairman Kallol Dutta told reporters here.
Dutta said joint-venture route is one of the possible structures that the two companies could look for.
Tide Water Oil executive director R.N. Ghosal said: “We are the franchisee of Nippon in India and we market Eneos brand on their behalf. We also have a technical collaboration with them. With the Indian market opening up, they are looking to expand their lubricant business in India. We are hoping to take a decision on this by the end of 2013.”
The company, which acquired Veedol International Limited from BP Plc this year, has established a wholly-owned subsidiary in Dubai to serve the Middle East and North Africa regions.
