Gulf Oil Corporation has entered into a strategic venture with Tarapur Grease Industries Pvt Ltd and PT Tawang Swasti Rawikara of Indonesia to produce and market its entire range of products in Indonesia.
The company will hold 36% stake in the Indonesian venture and is the Hinduraja company's second such overseas venture in two months following an earlier joint venture in Bangladesh. The joint venture is expected to corner 8% market share of the 600,000 tonne per annum Indonesian lube market.
Indonesia is the seventh largest lube market in the world with an annual growth rate of 6%.
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