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,” said Kallol Datta, Chairman, Tide Water Oil.
He 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 five per cent in the OEM segment and 7.5 per cent 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.