Tide Water Oil Co. (India) Ltd., one of the leading lubricant manufacturers in India and a member of the Andrew Yule Group, on Monday signed an agreement with JX Nippon Oil & Energy Corporation, Japan, to form a joint venture (JV) company in India — JX Nippon TWO Lubricants India Private Limited.
A company statement said that both Tide Water Oil and JX Nippon Oil have a 50:50 stake in the new JV entity. The JV will be responsible for selling, marketing, distributing and manufacturing lubricants in India, Nepal, Bangladesh and Bhutan apart from catering to the genuine oil requirements of, mainly, the Japanese and Korean original equipment manufacturers in the automotive and industrial segments.
The JV will leverage the capabilities of both its parent companies – the technical know-how of JX Nippon Oil and the distribution strength of Tide Water Oil – to consolidate market share in the Indian lubricant market.
