Korean lubricants unit under SK Innovation to set up joint venture with automotive parts conglomerate ANAND Group’s Gabriel India
SK Enmove, a lubricant producer under SK Innovation, has partnered with Gabriel India, an automotive parts manufacturer under Indian conglomerate Anand Group, to set up a joint venture in India, officials announced Thursday.
According to the announcement, SK Enmove will hold a 51 percent share of the newly established company, while Gabriel India will possess the remaining 49 percent, after they inked an agreement at the SK Seorin Building in Seoul on the previous day.
Gabriel India is reportedly investing up to 4.8 billion won ($3.3 million), while the amount from SK Enmove has not been disclosed.
With the joint venture and its partnership with the Indian automotive conglomerate, SK Enmove plans to expand its lubricants business in India, the world’s third-largest car market.
With the joint venture to be established in December this year, the two sides will work together to strengthen their sales network, based on Anand Group’s nationwide retail chain and a focus on marketing and brand recognition to launch various products, such as engine oil, gear oil, industrial lubricants and electric vehicle-dedicated lubricants.
According to the Society of Indian Automobile Manufacturers, the Indian automotive market rolled out 5.1 million passenger cars, 24.3 million motorcycles and 1.1 million commercial vehicles in 2024 alone. The Indian car sector is expected to log an average annual growth rate of 4 percent or higher over the next five years.
“Based on the strategic cooperation with Anand Group, we will take a leap to become premium brand in India’s lubricant market,” said Kim Wone-kee.
hwkan@heraldcorp.com
