IOC to produce lubricants in Sri Lanka

India's oil major Indian Oil Corporation (IOC) on Friday secured a license to produce lubricants in Sri Lanka so as to boost its presence in the local market.

The license will enable the Lankan unit of IOC to produce, blend, market and export its 'Servo' brand of products in the island, officials said.

Lankan IOC, which commands nearly 13 per cent of the country's lubricant market, has hopes to increase its presence in the local market when its new plant goes upstream in August, they said.

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