This invention relates to the development of processes for the preparation of functionalized castor oil derivatives namely ring-opened glyceryl ricinoleates, epoxy alkyl ricinoleates and ring-opened alkyl ricinoleates with tailorable properties from epoxidized castor oil as raw material using heterogeneous acid and base catalysts. More particularly, the invention employs two reaction chemistries namely ring-opening and transesterification using Amberlyst 15 as solid acid catalyst for the former and oxides derived from CaAl layered double hydroxide (CaAl-LDH) as solid base catalyst for the latter and combinations thereof. Furthermore, both the catalysts are reusable and the products are easily separable after the reaction by simple physical processes.