In a bid to expand market for its branded lubricant Veedol in Europe, Tide Water Oil Company (India) has acquired British lubricant firm Price Thomas Holdings (PTHL) for 9.59 million pound.
PTHL, a lubricant manufacturing unit in UK, will lend it space in the competitive European market. Tide Water, which signed the share purchase agreement on April 19, will not require any Government permission for the acquisition as it falls within the automatic overseas investment route.
PTHL’s gross revenue as on December 31, 2014 was 10.92 million pound with a corresponding PBT of 0.87 million pound. PTHL is a manufacturer and supplier of lubricants and car care products in the UK and in overseas automotive markets such as Ireland, Sweden and Bulgaria, while Tide Water Oil Company is a part of the multi divisional Andrew Yule group that has diverse interests in Engineering, Electrical, Tea Cultivation, Power Generation, Digital Communication Systems and Lubricants.
| Company Name | CMP |
|---|---|
| Castrol India | 182.30 |
| Savita Oil Tech | 363.05 |
| Gulf Oil Lubricant | 971.55 |
| Gandhar Oil Refinery | 147.45 |
| Panama Petrochem | 274.85 |
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