Kolkata, Sep 22 (IANS): City-based lubricants maker Tide Water Oil Co., an Andrew Yule Group company, has initiated a search for a partner to market the Veedol brand in Africa, a company official said.
The company, which had acquired Veedol International Limited from BP Plc in October last year, is currently launching the Veedol brand of lubricants in the markets of Middle East.
"We have just launched the products in Jordan. In the next week, (we) will launch the brand in Oman," Andrew Yule chairman Kallol Dutta told IANS Saturday.
Dutta said the firm was in search of a partner to market the leading lubricant brand in African countries.
"We are looking for a partner in Africa. The partner can be a joint-venture partner," he said.
The company had earlier established a wholly-owned subsidiary in Dubai to serve the Middle East and North Africa regions.
Tide Water also plans to build a production facility in Germany as Veedol has a historic brand loyalty in the European country.
Andrew Yule & Co Ltd, the state-owned diversified company, is eyeing a turnover of Rs.1,000 crore by 2020.
"The company has drawn up its road map to reach a turnover of Rs.1,000 crore by 2020 for which expansion and diversification programmes are being taken up," Dutta said.
The firm had posted a turnover of Rs.277.68 crore in the last financial year.
"We expect a turnover of Rs.340 crore at the end of this fiscal," he added.
The company has engineering, electrical and tea divisions, among others.