Tide Water Oil sounds out Japan firm

 

(Kallol Dutta in Calcutta on Wednesday. A Telegraph picture)

Tide Water Oil, part of public sector conglomerate Andrew Yule, is exploring the possibility of setting up a joint venture with Japan’s JX Nippon Oil and Energy Corporation.

“Nippon has shown intent to expand their business in India and we are actively discussing the matter with them,” said Andrew Yule chairman Kallol Dutta, adding that joint venture is one of the structures that the two firms are considering.

Tide Water already has a franchisee agreement with Nippon to market their Eneos brand of lubricant in India. The two companies also have an agreement for technical collaboration.

The firm posted a 10.22 per cent dip in net profit in the fourth quarter at Rs 13.87 crore against Rs 15.45 crore in the previous quarter.

“The dip in profit is because of the new investment (in acquiring the rights of the Veedol brand), international oil price fluctuation and forex loss on account rupee depreciation,” Dutta said.