Tide Water sets sights to acquire lube firms

India’s Tide Water Oil is scouting for acquisitions in the lubricants space and has set aside Rs200 crore (US$42.99 million) for this, said Kallol Datta, chairman of Tide Water Oil. Speaking to newsmen on the sidelines of the company’s annual general meeting, Datta said it is too early to comment whether the acquisition will take place in India or abroad. Tide Water is also planning to venture into the refining business. “What we are planning is not large-scale refining done by the oil companies but something quite different. We are currently giving shape to it, said Datta. Tide Water aims to achieve a Rs1,000 crore (US$214.95 million) turnover by Fiscal Year 2012 and these new areas of businesses will help us to achieve the target,” Datta said.