Golchha Group, Indian Oil sign JV agreement to establish lube blending plant 

• This collaboration marks the beginning of many other industry partnerships

 KATHMANDU: A Joint Venture Agreement has been signed between Golchha Group (HH & Co), Nepal and Indian Oil Mauritius Limited (IOML), a wholly-owned subsidiary of Indian Oil, to establish a state-of-the-art lube blending plant for local production of SERVO lubricants in Nepal. The JV will also explore the prospect of investment in other energy sectors including waste to energy. The lube blending plant is expected to be readied by the end of 2024. Both companies will have 50-50 per cent investment for this plant. Under the first phase of this joint investment, the official capital investment will be approximately Rs 600 million. 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. The establishment of the plant is just the initial step in our extensive plans to foster further industrial growth and expansion. We express our utmost enthusiasm for this alliance and look forward to a prosperous and successful partnership with Indian Oil.” The Joint Venture envisions future expansions, strategic partnerships, and diversification of product lines to meet the evolving needs of Nepal's growing energy needs and join hands in Nepal's growing economy. The partners are dedicated to fostering regional economic growth, promoting self-reliance, and driving technological advancement in alternative energy, waste to energy and other sectors. The formation of the JV to establish lube blending plant in Nepal marks a significant milestone in realising the vision of 'Make in Nepal' and advancing technology in the lubricant industry. Moreover, it signifies the partners' shared commitment to sustainable development, clean energy and responsible business practices. This historic collaboration marks the beginning of an exciting new chapter of partnership that will fuel Nepal's growth and prosperity. The joint venture between Golchha Group and IOML will pave the way for a brighter future in Nepal for future generations. READ ALSO:

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