Tide Water Oil, an associate of Andrew Yule group, is eyeing the African markets for its lubricants manufactured under Veedol brand.
"We are looking the African markets seriously. To start with the company will start with South Africa where the products will be sold by the distributor based in the UAE", chairman of Tide Water Oil, Kallol Datta told PTI.
After South Africa, other African markets would also be explored, he said.
The Veedol brand is also sold in Europe, North America, Latin America and the Middle East through third party manufacturing, Datta said.
The consumption pattern of the lubricant industry has undergone substantial change in the past few years. Though the automotive industry had witnessed a positive growth, the growth in the lubricant industry remained subdued, he earlier told shareholders at the company's AGM.
Tide Water had also entered into a JV with JX Nippon Oil & Energy Corporation of Japan to form JX Nippon Tide Water Oil Lubricants India to manufacture ENEOS brand of lubricants in India, Bhutan and Nepal for Japanese and Korean cars.
