Tide Water Oil, a part of the diversified Andrew Yule group and owner and manufacturer of the Veedol brand of lubricants, reportedly is looking to set up a subsidiary in Mexico for selling its lubricants in the Latin American market.
"We are seriously looking at the Latin American market for which the company is planning to set up a subsidiary in Mexico," chairman of Tide Water Oil Kallol Datta said. Datta said the company is scouting for a local partner for the purpose.
Just last month, Tide Water Oil set up a subsidiary in the Netherlands -- Veedol International BV to re-launch the branded products in Europe.
Arrangements have been finalised with a distribution and logistic company for Germany, Austria and Switzerland, Rajendra Nath Ghosal, MD of Tide Water said. Strategically, located in Amsterdam, Veedol International BV, will spearhead Tide Waters northern European re-entry.
He said that the company had already started overseas operations in Europe and the Gulf countries for which separate subsidiaries had been opened in the respective nations.
Tide Water, which earlier only had the rights to the iconic brand for India, acquired in October 2011 Veedol International Ltd, UK, from Castrol Limited and Lubricants UK Limited, wholly owned subsidiaries of BP, along with the global brand rights, its logos and sub brands in 126 countries, putting an end to a legal battle of 17 years. Through this acquisition, Tide Water Oil obtained the registered trademarks for the Veedol brand, as well as its associated product sub-brands and iconic logos. Its range of products includes engine oils for trucks, tractors, construction equipment, passenger cars and two/three wheelers. It also produces gear oils, transmission oils, coolants and greases.
