Tide Water Oil Co signs equal joint venture with JX Nippon Oil & Energy Corp.

Tide Water Oil Co (India), a lubricant manufacturer and a member of the Andrew Yule Group, has signed an agreement with Japan's JX Nippon Oil & Energy Corp to form a joint venture company in India - JX Nippon TWO Lubricants India.

Both companies will have equal stake in the new entity, Tide Water Oil said in a statement on July 21. The 50-50 joint venture will sell, market, distribute and manufacture the 'Eneos' brand of lubricants in India, Nepal, Bangladesh and Bhutan, apart from taking care of 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,' said Kallol Datta, chairman, Tide Water Oil Co.

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