A Joint Venture Agreement has been signed between Golchha group and Indian Oil Mauritius Limited, Indian Oil’s wholly-owned subsidiary, to erect a state-of-the-art lube blending plant for the local production of SERVO lubricants in Nepal. 

The joint venture will also explore the possibility of investment in other energy sectors, including waste to energy. The Lube Blending plant is expected to be ready by the end of 2024. Both companies will have an equal stake in the venture, reads the press release issued by the company. 

Speaking about the agreement, Shekhar Golchha, chairman and managing Director of Golchha group, said, “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.” (PR)