Kolkata, India-based Tide Water Oil Co. (India) Ltd, the maker of its own Veedol and Japan's JX Nippon Eneos lubricants, last Wednesday concluded an agreement to acquire UK-based lubricant maker Price Thomas Holdings Ltd for £9.59 million (US$13.79 million, Rs.91.3 crore) as part of its plans to expand overseas sales.

Tide Water will buy all outstanding shares of Price Thomas, which posted pre-tax profit of £0.87 million on gross revenue of £10.92 million in 2014.

Besides selling in the UK, Price Thomas exports its products to Sweden, Ireland and Bulgaria among other countries, Tide Water said in its regulatory filing.

This is Tide Water's first acquisition of a foreign manufacturing base, which will help it expand sales in Europe, according to two persons familiar with the company’s plans.

Founded in 1992, Tide Water, part of the Andrew Yule group, has set up offices in at least four countries—Germany, the Netherlands, Canada and the UAE—in the past few years in a bid to shore up sales outside India, but it was increasingly felt within the company that it needed access to a foreign manufacturing base to drive sales abroad.

In fiscal 2015, Tide Water registered Rs.969 crore in net revenue and Rs.171 crore in net profit.

In October 2011, Tide Water acquired the global rights to the Veedol trademark from BP for Rs.51 crore.