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Hindujas may bid for India's Tide Water - paper

Fri Dec 21, 2007 11:39pm EST

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MUMBAI, Dec 22 (Reuters) - The Hinduja group may bid for lubricants maker Tide Water Oil Co. (India) Ltd (TIDE.BO) in which oil major Chevron (CVX.N) indirectly owns a 22 percent stake, the Times of India reported on Saturday.

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Andrew Yule & Co Ltd (ANDY.BO) along with state-run insurance companies including Life Insurance Corporation of India and United India Insurance are also planning to sell their 40 percent stake in the firm, the paper said, citing unidentified sources.

Tide Water is a major player in the diesel engine lubricant market and has a techical collaboration with Nippon Oil Corp (5001.T), Japan's biggest refiner.

Shares of Tide Water eased 0.9 percent to 4,117 rupees in a broad Mumbai market, which edged up 0.4 percent on Thursday. Financial markets were closed on Friday for a religious festival. (Reporting by Saikat Chatterjee; Editing by Ramthan Hussain)

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