Tide Water Oil Co (India) Ltd, owner of the lubricant brand Veedol, is planning to sell half-a-acre of land at the industrial town of Oragadam on the outskirts of Chennai. The Kolkata-headquartered company has a warehouse there.
“We have land in prime locations in Mumbai, Delhi and Chennai. And, we have decided to sell a land near Chennai. We have about half-acre land there. Tendering process is on for this,” Kallol Datta, Chairman, Tide Water Oil, told reporters on the sidelines of the company’s annual general meeting here.
He, however, did not divulge any projected price of the land in Chennai.
Datta added that the company was getting “a lot of queries regarding a prime land in Chembur, Mumbai”. The property is currently used as a company depot.
The company posted a 14 per cent growth in net profit to Rs 18.72 crore for the quarter ending June 30, 2013.