"Servo is the top lubricant oil brand in India and we are exploring market opportunity in Canada and North America in two to three years for our lubricant business."
Indian Oil Corporation Ltd (IOC) has set an ambitious target to explore overseas markets for its lubricant business by increasing its presence in 27 countries currently to about 50 countries in the next decade, informed a senior company official here.
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The company looks to explore markets in the North America and Canada region.
“Servo is the top lubricant oil brand in India and we are exploring market opportunity in Canada and North America in two to three years for our lubricant business,” said K L Murthy, Executive Director – Lubes at IOC.
He added that even after liberalisation of the energy sector in 1992, IOC remains India's largest lubricant player with 26 per cent market share under its flagship Servo brand.
Murthy further stated that IOC will expand its presence from the current 27 countries mostly in Gulf Cooperation Council (GCC) and SAARC countries to 50 countries in the next 10 years.
From its lubricant production capacity of over 400,000 tonnes per annum, the company exports nearly 3 per cent, and aims to increase the share of exports to 10 per cent in the next five years.