Veedol Corporation Ltd Share Price

History of Veedol Corporation Ltd

Veedol Corporation Limited was incorporated on 26th October, 1921 under the name Eastern Oil Products, Limited' and subsequently under the order of the Government of Bengal, with effect from 11th January, 1928, the entity had been rechristened as Tide Water Oil Co. (India), Ltd.' Thereafter, the name of the Company was changed to Veedol Corporation Limited' on September 20, 2024. Veedol Corporation 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. The company manufactures and sells engine lubricants for the automotive and industrial applications in India. The company's plants are set up in Howrah, Royapuram, Turbhe, Silvassa and Faridabad. The com ...pany offers various automotive oils, such as diesel engine, premium diesel engine, PMCO and two wheeler, dedicated engine, gear and transmission, and agri engine oils, as well as coolant and brake fluid; and industrial oils comprising general purpose machinery, spindle, turbine, hydraulic and circulation, heavy duty hydraulic, steam cylinder, industrial gear, cutting, non drip, and mill roll oils. The company's products marketed under the 'VEEDOL' brand name are well established and acknowledged in the industry for their quality and variety. The products manufactured under the technical collaboration agreement with Nippon Oil Corporation (formerly Mitsubishi Oil Co Ltd) and marketed under the 'ENEOS' brand name have carved out a niche for themselves in select markets. During the year 1987-88, the company entered into a technical collaboration with Cofran Promotion, Switzerland, to manufacture synthetic, semi-synthetic and speciality lubricants. During the year 1993-94, the company launched the premium range of Mitsubishi engine oils from Nippon Mitsubishi Oil Company, Japan (formerly Mitsubishi Oil Company). The two companies have entered into a technology transfer tie-up to manufacture and market Mitsubishi products in India. During 1996-97, the company expanded their installed capacity of Oils (including Synthetic Lubricating Oils) to 84198145 ltrs. They also completed the modernisation programme in their grease blending plant at Howrah. During the year 1997-98, the company completed the 8000 KL per annum modern lube blending plant at Faridabad. The plant at Silvassa was accredited with ISO 9002 during the year 1998-99. During the year 2003-04, the technical collaboration agreement with Nippon Oil Corporation (formerly Mitsubishi Oil Company Ltd) was renewed with effect from October 28, 2003 for a further period of three years. In May 2004, the 'ENEOS' range of products manufactured under the collaboration agreement were launched. During the year 2004-05, the Ramkristopur plant of the company received accreditation of ISO 9001:2000 quality standards. During the year 2007-08, the operations at Deonar plant were shifted to the new plant in Turbhe, Navi Mumbai. The company is in the process of setting up a modern lube blending plant at Oragadam near Chennai. During the year 2009-10, the Company acquired two windmills with a total capacity of 3 MW for generation of renewable energy at Tamil Nadu. The Company acquired 100% shares of Veedol International Limited from Castrol Limited and Lubricants UK Limited, wholly owned subsidiaries of BP Plc and resultant on acquisition of shares become a subsidiary of the Company with effect from October, 2011. The Company established two wholly owned subsidiaries viz. Veedol International DMCC, Dubai and Veedol International BV, Netherlands to cater to the Middle East Asian Region and Europe during year 2014-15. Veedol Deutschland GmbH was incorporated as a 100% subsidiary of Veedol International BV to relaunch the brand in Germany, Austria and Switzerland. Further during 2014-15, Veedol International Americas Inc. was floated as a wholly owned subsidiary of Veedol International Limited, UK. In 2016-17, Company acquired 100% shares of Veedol UK Limited (VUK) (formerly Price Thomas Holdings Limited), having a wholly owned subsidiary viz. Granville Oil & Chemicals Limited, which has its own manufacturing facility and presently engaged in manufacturing and selling of lubricants and automotive after care products throughout United Kingdom (UK). In 2017-18, the Company purchased entire share capital of VDG from VIBV and thus VDG became a direct wholly owned subsidiary of Company.