IOC forms JV in Nepal to build lube blending plant

Golchha Group and Indian Oil Mauritius Limited, a wholly-owned subsidiary of Indian Oil Corp. (IOC), have signed a 50-50 joint venture to build a state-of-the-art lubricant blending plant to produce SERVO-branded lubricants in Nepal. 

Established in 1937 by Ramlal Golchha, the industrial group, now known as Golchha Group, currently operates more than 100 companies in Nepal.

The lubricant blending plant is expected to be completed by the end of 2024. 

The joint venture will also explore the possibility of investing in other energy-related sectors, including waste-to-energy. 

“We are thrilled to announce the commencement of a significant partnership with Indian Oil, India’s largest company. This marks the beginning of a remarkable journey for us at Golchha Group, as we embark on our first joint venture. This milestone collaboration signifies a pivotal moment in the history of Nepali industrialists and the industrial landscape of our nation,” said Shekhar Golchha, chairman and managing Director of Golchha Group.

The SERVO brand was launched by Indian Oil Corp., India’s flagship petroleum refining and marketing company, in 1972. In the same year, IOC set up its own R&D in Faridabad, India, and this marked the birth of SERVO, a genuinely Indian brand of lubricant.