Andrew Yule-controlled lubricant maker Tide Water Oil Co plans to set up a production facility in Germany. This would probably be the company’s first step towards taking its Veedol brand of lubricants to the European market.
“We hope to set up a production unit in Germany by the beginning of next year. We are currently chalking out the branding plans and our team will visit Germany this month,” Kallol Dutta, Group Chairman and Managing Director of Andrew Yule, told reporters on the sidelines of its annual general meeting here on Thursday.
According to him, Veedol has a historic brand loyalty in Germany. However, he did not divulge further details regarding the investment and capacity of the proposed plant in Germany. “We cannot say anything on capacity as discussions are on,” he said. The company had acquired Veedol International Ltd from British Petroleum, which has marketing rights in more than 120 countries, in 2011-12.
Tide Water has also rolled out its sales operations in West Asia through its Dubai-based Veedol International DMCC brand.
According to R.N. Ghosal, Managing Director, the company has started exporting Veedol lubricants to Nepal and Bangladesh. Tide Water posted nearly eight per cent decline in standalone net profit to Rs 16 crore for the quarter ended June 30.