Abstract: The present invention provides a three step process for the preparation of hydroxy carboxylic acid. The present invention involves the hydroformylation of enol ester (e.g. vinyl acetate) using a cobalt catalyst (e.g. Co2(CO)8), optionally a promoter or a ligand containing O, N, N—O, P, As or Sb atom/s, to obtain a mixture of 2-acetoxy carboxaldehyde (e.g. 2-acetoxy propanal) and 3-acetoxy carboxaldehyde (e.g. 3-acetoxy propanal), oxidizing the product acetoxy carboxyaldehydes to the corresponding acetoxy carboxylic acid, in presence or absence of a Gr. 8 metal catalyst, followed by hydrolyzation of the product acetoxy carboxylic acids to the corresponding desired hydroxy carboxylic acids, in presence of an acidic catalyst and separating the catalyst and reusing it for another hydrolysis step.