Tide Water Oil plans to enter German lube market this year, may also form joint venture with JX Nippon in India
Tide Water Oil (India), a Kolkata-based company, is likely to introduce its newly acquired Veedol brand of lubricants in Germany this year. With marketing rights in more than 120 countries, Tide Water had acquired Veedol International from British Petroleum. It had already set up Veedol International DMCC in Dubai to cater to the high-value West Asian market. Tide Water Oil (India) is engaged in the production of lubricating oils and greases from its manufacturing plants located at Faridabad in the North, Silvassa and Turbhe in the West, Howrah in the East and Oragadam in the South. The company services the requirements of its customers through its wide marketing and distribution network comprised of about 100 distributors, 300 dealers and 20,000 sub-dealers. The company also said it can consider the possibility of forming a joint-venture with Japan’s JX Nippon Oil and Energy Corporation, which is keen to expand its business in India. Tide Water, a part of the Andrew Yule group, already has a technical collaboration with JX Nippon, Japan’s top oil refiner. Andrew Yule Chairman Kallol Dutta said the joint-venture route is one of the possible structures for the two companies to consider. “We are hoping to take a decision on this by the end of 2013,” said Tide Water Oil Executive Director R.N. Ghosal.