Tide Water searching for partner to market Veedol in Africa
Lubricants maker Tide Water Oil Co., an Andrew Yule Group company, is searching for a partner to market its Veedol brand in Africa as part of its expansion program. Tide Water acquired Veedol International Ltd. from BP Plc a year ago, and has launched this brand of lubricants in Middle East markets such as Jordan and Oman. The company has also established a wholly owned subsidiary in Dubai to serve the Middle East and North African regions. Tide Water also plans to build a production facility in Germany where Veedol has enjoyed historic brand loyalty. The company reported a turnover of Rs 277.68 crore (US$51.4 million) in the last fiscal year, and is targeting a turnover of Rs340 crore (US$ 63.2 million) by the end of this fiscal year. By 2020, it is forecasting a turnover of Rs1,000 crore (US$186 million). Aside from lubricants, Tide Water has other diversified operations in other sectors, including engineering, electrical and tea. (September 22, 2012)