The government will look into the possibility of disinvestment of Andrew Yule & Co (AYCL) stake in Tide Water Oil, Heavy Industries and Public Enterprises Minister Praful Patel has said.
The government will look into the possibility of disinvestment of Kolkata-based Andrew Yule & Co stake in Tide Water Oil, said an official release quoting the minister.
Tea-producing AYCL holds about 26% stake in Tide Water Oil which has been a engaged in production of automotive and industrial lubricants in India, since 1928.
The Kolkata-based company has set a gross sales target of Rs 324 crore in 2012-13. In the current fiscal, the company's gross sales are Rs 277 crore.
Besides, its tea production has gone up to 110 lakh kg in 2011-12, against 96 lakh kg in 2007-08.
Andrew Yule has been posting profits post rehabilitation, since 2007-08. The company's net profit in 2011-12 is estimated to be Rs 10 crore.
