Tide Water buys rights of Veedol from BP

He said the dispute over Veedol brand rights with BP would be settled after the acquisition of the global rights.

In 2004,BP Plc had contested that Tide Water was using the Veedol brand was not legal. This was contested by Tide Water.

Tide Water Oil acquired the intellectual property of Veedol International Limited which has the mother Veedol brand and sub-brands. The acquisition at an undisclosed sum does not involve any assets or liabilities of Veedol International.

The acquisition would add Rs 100-200 crore in additional revenue in the next one to two years,Tide Water Executive Director R N Ghosal said.

“Now,we have right on the brand in 123 countries globally. We have decided to create subsidiaries in the Middle East and Europe to market Veedol brand lubricants,” he said.

The company has not yet decided to enter Latin American and South Eastern countries where various options like franchisee or licensing were available.

For Tide Water Oil the Veedol brand meant a lot as it contributed 85 per cent of its topline.

Company INFO

More on Tide Water

Stocks

More on Tide Water