Himal Press 
KATHMANDU: Nepali business conglomerate Golchha Group has signed a joint venture agreement with Indian Oil Mauritius Ltd (IOML) to start manufacturing SERVO lubricants in Nepal.
The joint venture agreement was signed on the sidelines of the India-Nepal Business Summit in New Delhi on Thursday in the presence of Prime Minister Pushpa Kamal Dahal.
Under the joint investment agreement, a state-of-the-art lube blending plant will be established in Nepal by 2024. Golchha Group and IOML will hold a 50% stake each in the joint venture. The initial capital investment in the project will be around Rs 600 million.
IOML is the wholly-owned subsidiary of Indian Oil Corporation Ltd – an Indian government undertaking.
“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,” Shekhar Golchha, chairman and managing director of Golchha Group, said. “This milestone collaboration signifies a pivotal moment in the history of Nepali industrialists and the industrial landscape of our nation.”
The joint venture envisions not only the establishment of the lube blending plant but also future expansions, strategic partnerships, and product line diversification to cater to Nepal’s evolving energy needs.
