Lanka IOC to set up lube plant in Sri Lanka

New Delhi, June 8: Lanka IOC (LIOC), the overseas subsidiary of state-run refining and marketing major IOC, will set up a 18,000 tonnes per annum lube plant in Sri Lanka at a cost of Rs 25 crore.

The plant, which is expected to go on stream, will have the capability to manufacture all types of automotive and industrial lubricants, sources said.

It will also have a full-fledged laboratory for testing base oils, additives and finished products.

LIOC has signed a pact with the Sri Lankan government, following which it will have the right to produce, blend, market and export Servo branded products in the island country.

UNI