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Tide Water Oil (India), controlled by state-owned Andrew Yule & Co Ltd, has acquired British lubricant firm Price Thomas Holdings Ltd (PTHL) for £9.59 million.
In a filing to the stock exchanges, Tide Water said that PTHL, a lubricant manufacturing unit in UK, will lend it space in the competitive European market.
Tide Water is expanding market for its branded lubricant Veedol in Europe. “As the target company has a manufacturing facility in the UK, the proposed acquisition is envisaged to result in competitive product pricing of the acquirer for the European market,” Tide Water said.
PTHL’s gross revenue as on December 31, 2014 was £10.92 million with a corresponding PBT of £0.87 million. 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.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.
On Wednesday, the Tide Water share closed at ₹6,227 on the BSE, up 0.5 per cent.
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