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Tide Water Oil (India), a 26.22 per cent subsidiary of Andrew Yule Co, on Monday announced the formation of a 50:50 joint venture with JX Nippon Oil & Energy. The venture is for production and marketing of the latter’s lubricant branded under “Eneos”.
The JV company will be called JX Nippon TWO Lubricants India Pvt Ltd.
Eneos would be manufactured in Mumbai and Chennai units of Tide Water Oil (India) Ltd. The three other units of the company are based out of Kolkata, Dadra & Nagar Haveli and Faridabad.
According to Kallol Dutta, Chairman, Andrew Yule, if required the Dadra & Nagar Haveli facility will also be used to manufacture Eneos.
“We were earlier into a licensing agreement with Nippon. Then we thought of going for a joint venture as it would create a positive impact on the Japanese and Korean auto majors we are looking to service here,” Dutta told reporters.
>Click here to watch Kallol Dutta in conversation with Business Line .
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