Two courts have approved the merger of Chemoleums Ltd. into Caltex Lubricants India Ltd., clearing the way for a deal that enlarges Caltexs footprint on the Indian subcontinent.
The acquisition by Caltex was completed Aug. 30 after approval by the High Courts of Judicature of Kolkata and Chennai. The companies did not disclose terms of the deal, which was announced in March.
Caltex Lubricants India and Chemoleums have had a relationship since 2001, when the companies formed a joint venture.
A Caltex spokesman said Chemoleums had had the bigger lubes business in India, claiming 1.5 percent of the market with a stable of products that ranged from engine oils to hydraulic fluids, cutting oils and greases. In addition to those sales, Caltex acquired a factory that Chemoleums owned in Chennai. Caltex, a subsidiary of U.S.-based ChevronTexaco, previously had its lubricants toll-blended in Mumbai.