Tide Water looks to acquire, but holds on to shares


Kolkata-based Tide Water Oil is looking to acquire to expand its lubricants business.

Tidal Water Oil engineer at work

A Tide Water Oil Engineer Image: Tide Water Oil

The part state-owned company, valued at around Rs 752 crore ($162m has made it clear that it is looking to buy its way into a greater share of the lubes sector, although they are remaining tight-lipped over whether the acquisitions will be in India or abroad. The available pot is worth around Rs 200 crore ($43m).

The announcement came at the company's AGM, along with the news that it is aiming for a Rs 1,000 crore ($215m)  turnover by FY12 and is looking for some type of venture into the refining.  The company currently produces lubes under the Veedol and Blue Blood brands.

However, Andrew Yule & Co also told shareholders it would not be selling its 26.2% stake in the company, shares it holds on behalf of the Union government.  The news was a disappointment to two key shareholders - Victory Retail Marketing and Standard Greases - both of whom had been waiting for the sale after building up stakes of between 13 and 14.5% in the company.