Tide Water Oil Co. (India) Ltd, a leading lubricant manufacturer in India, on Friday said it has entered into a 50:50 joint venture (JV) with Japan's JX Nippon Oil & Energy Corporation.
Tide Water Oil Co. (India) Ltd on Friday announced that it has signed a Memorandum of Understanding (MoU) with JX Nippon Oil & Energy Corporation, Japan to enable the JV entity for selling, marketing, distributing and manufacturing the ´ENEOS´ brand of lubricants in India, Nepal, Bangladesh and Bhutan, catering to the factory and service fill requirements of mainly, Japanese original equipment manufacturers.
G. Debmoulik, General Manager, Business Development, Tide Water Oil, Hajime Uchida, Head of Delhi Representative Office, JX Nippon Oil and Energy Corporation, Kallol Datta Chairman, Tide Water Oil Co. (I) Ltd., R. N. Ghosal,Managing Director, Tide Water Oil Co.(I) Ltd, and Supratik Basu, Chief Financial Officer, Tide Water Oil Co. (I) Ltd were present at the event.
With a business volume of above Rs 200 crores, the investment level of JX Nippon Oil and Energy Corporation is Rs. 100 crores.
Datta said, "It is a good sign for foreign investment in India."
Speaking on collaborating with the fourth largest oil company in the world, Ghosal said that the business target is of above Rs. 250 crores and that the ongoing business with other Japanese OEMs will continue through the joint venture.
In 1993, Tide Water Oil had entered into a technical collaboration with Mitsubishi Oil Company, that was absorbed by the Nippon Oil Corporation in 1999 to finally become JX Nippon Oil and Energy Corporation in 2010.
The JV promises market expansion for lubricating oils utilizing the technological know-how of JX Nippon Oil.
(Reporting By Shubham Dasgupta)