OMPAC Global Trade and Commerce Limited (OGTC) has entered into a joint venture agreement with Lubetec Manufacturing Inc of Canada and Energy Economics International of the USA for the research and development and manufacture of advance fuels and preventive maintenance systems in the field of petrochemicals.
As per the JV agreement, OGTC will be the major shareholder at 51 per cent and the balance will be with the foreign partners. This agreement is the first of its kind wherein an Indian company is having a major share of the global business.
OGTC has the entire Asian continent (including West Asia, Africa, Australia and Eastern Europe (including Russia and CIS countries). The rest is with the JV partners.
The plan, according to Simar Deep Singh, OGTC director, is to set up local JVs in all countries of the world and this JV will function as the global holding company where the area of business is demarcated between the JV partners. Jan