Lubricant manufacturer Tide Water Oil Co (India) is exploring the possibility of entering into a joint venture with JX Nippon Oil & Energy Corporation, according to company Executive Director R. N. Ghosal.

He said the company had been a franchisee for the Japanese company for many years and a joint venture was a possibility. He indicated that this matter was under discussion and a decision would be taken by 2013.

During 2011-12, Tide Water Oil acquired Veedol International from BP plc, thereby gaining access to marketing rights for Veedol in 120 countries. It has established a wholly-owned subsidiary in Dubai to service the market in that region and in North Africa. Efforts are also on to explore new markets in Latin America, Europe, Asia Pacific and Africa.

The company, which is part of the Andrew Yule Group, crossed the Rs.1,000 crore-mark in turnover for the first time in 2011-12 but its profits took a small hit at Rs.86.2 crore, mainly due to difficult marketing conditions, rupee depreciation and cost of global businesses.

A record dividend of Rs.120 per share has been proposed for the year, according to Kallol Dutta, Chairman of Andrew Yule and Tide Water Oil (India).

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