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Tide Water overseas plan

Calcutta, Aug. 19: Automotive lubricant maker Tide Water Oil is planning to double sales in overseas markets and secure original equipment manufacturer (OEM) deals with vehicle makers to beat the slowdown in the domestic automobile industry.

The company is looking to relaunch the Veedol brand in Europe by October.

Tide Water Oil bought the global rights of the Veedol brand from Castrol Limited and Lubricants UK Ltd, a wholly owned subsidiary of BP Plc, in 2011. Before the deal, Tide Water had the rights to Veedol lubricants in India.

Last fiscal, Tide Water set up a wholly owned subsidiary Veedol International BV in the Netherlands to carry out its operations in Europe.

R.N. Ghosal, managing director of Tide Water Oil, today said the firm was looking to capture a significant share, particularly in the European countries such as Germany, Austria and Switzerland. He said the company was looking to enter Latin American countries through a brand franchisee arrangement besides consolidating operations in West Asia.

“Our overseas sales was about $7 million last year and we plan to double it this year,” Ghosal told shareholders at the company’s annual general meeting here today. He later said on the sidelines of the event that Daimler, Benz and Man were among the major OEM suppliers with which the firm was securing ties.

Tide Water chairman Kallol Datta said despite the pressure of the rising cost of oil, which is mostly imported, the company could register a 7.94 per cent increase in turnover at Rs 1,084.24 crore and a 9.29 per cent increase in operating profit at Rs 94.20 crore during 2012-13.

 
 
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