Market Eye

Sri Lanka's Prime Minister Ranil Wickremesinghe arrives with flowers to receive blessings at the Gangaramaya Buddhist Temple, Colombo, Sri Lanka on Wednesday 4 April 2018. On wednesday (4), Wickremesinghe survived a no-confidence motion in the Sri Lankan parliament with a 46 vote majority after a 12-hour debate with 122 MPs voted in his support while 76 MPs voting to remove the prime minister. (Photo by Tharaka Basnayaka/NurPhoto via Getty Images)

Sept 03, 2012 (LBO) – Lanka IOC, a unit of Indian Oil Corporation said it had exported 118.6 million US dollars of ‘SERVO’ branded lubricants and was planning to boost foreign sales further in the current year. …[I]t has been decided to further expand our business to South-East Asian countries by appointingLube Distributors in Indonesia, Malaysia, Myanmar, Singapore etc,” managing director Dubodh Dakwale told shareholder in the annual report.

“Assessment of the market and viability is being looked into for entering these countries in a big way.”

LIOC was now exporting lubricants to Nepal, Mauritius and Maldives.

In the domestic market, SERVO has gained a 16 percent share, becoming to second largest brand, the firm said.

In the year to March 2012, sales had grown 12 percent.

Chairman Makrand Nene said 60 percent of the lubricants were now being made at its Sri Lanka blending plant. About 90 percent of the packaging was also local.

LIOC was also supplying lubricants to the Sri Lanka Air Force.

Though the firm lost money at time from petrol and diesel due to state taxes and selling price controls, its bunkering, lubricant and bitumen businesses were profitable.