Putting an end to a 17-year-old legal battle, Tide Water Oil has acquired Veedol International from energy major BP Plc. Tide Water and Castrol were fighting a legal battle since 1994 regarding the rights of Veedol brand in India. Through the deal, it got global rights for the brand.
“The acquisition will put an end to the litigation that is pending between Castrol and us over the rights of Veedol,” said R N Ghoshal, executive director of Tide Water Oil. The firm has “historical rights” over the brand in India and used to manufacture and sell it since 1920s, when its US parent had shares in the company.