Tide Water turnover rises by17%

Tide Water Oil Company (India) Ltd. saw a record high turnover of 17%, amounting to Rs1,004.47 crores (US$181.26 million) for the financial year 2011-12, compared to a turnover of Rs859.41 crores (US$154.9 million) for the same period during the previous year. Tide Water is a pioneer in the automotive and industrial lubricants sector in India. The company’s profits dipped slightly to Rs86.19 crores (US$15.3 million) due mostly to difficult market conditions, depreciation of the Indian rupee, and the increasing cost of funding substantial investments in global businesses. This year, Tide Water acquired Veedol International Limited from BP plc, which gives the company access to the marketing center of Veedol in more than 120 countries. To serve the Middle East and North Africa regions, the company has established a wholly owned subsidiary, Dubai – Veedol International (DMCC). Now, the company is focusing its efforts on the exploration of new markets in Latin America, Europe, Asia, the Pacific and Africa. (May 30, 2012)