Tide Water Oil, a part of the diversified Andrew Yule group, is looking to set up a subsidiary in Mexico for selling its lubricants in the Latin American market.
"We are seriously looking at the Latin American market for which the company is planning to set up a subsidiary in Mexico," chairman of Tide Water Oil Kallol Datta said today.
Datta said the company is scouting for a local partner for the purpose.
Tide Water Oil, which manufactures lubricants under the Veedol brand, has a domestic market share of 5% in the OEM segment and 7.5% in the retail segment.
He said that the company had already started overseas operations in Europe and the Gulf countries for which separate subsidiaries had been opened in the respective nations.
"Acquisition of the Veedol brand from Castrol Lubricants and Lubricants UK Limited would help us in consolidating the company's presence in those countries," he told reporters after the company's AGM here.
Datta said that the slowdown in the economy had led to stagnating demand in the lubricants industry.
