Tide Water Oil Co (India) Ltd, an Andrew Yule group firm, would expand its lubricants producing capacity after commissioning two new plants, being set up at a cost of Rs 35 crore.
The company would soon commission two new plants at Oragadam near Chennai and Turbhe in Maharashtra after which total capacity would increase to one lakh kilo litres per annum.
He told reporters on the sidelines of the company's AGM here today that the investments towards the two new plants were Rs 35 crore.
Datta said the new plants would actually replace two old facilities in Deonar (Mumbai) and Chennai.
Tide Water had been enjoying a market share of 5 per cent in the premium lubricants market.
Datta said that the company had also entered into a technical pact with Nippon Oil Corporation of Japan for manaufacturing Eneos brand lubricant.
Meanwhile, Andrew Yule has appointed SBI Capital Markets as merchant banker to the proposed divestment of its stake in Tide Water.
