Auto components maker Gabriel India on Thursday said it has formed a joint venture with South Korea's SK Enmove in order to diversify its product portfolio to include lubricants and engine oils.
The strategic partnership represents a significant step in the company's transformation into a diversified automotive systems and components major, expanding beyond its traditional core strength in ride control products.
The JV positions the company to enter India's fast-growing Rs 40,000 crore lubricants and EV fluids market that is projected to witness steady growth with rising vehicle and EV adoption, Gabriel India, a part of Anand Group, said in a statement.
SK Enmove and Gabriel India will hold 51 and 49 per cent stakes respectively in the JV firm -- SK Enmove Gabriel India.
"Gabriel India stands at the threshold of a historic transformation-from a leader in world-class suspensions to an emerging automotive systems and components powerhouse with a rapidly expanding portfolio across multiple segments of the mobility ecosystem," Anand Group Executive Chairperson Anjali Singh said.
Kim Wone-kee, CEO of SK Enmove, noted that based on the strategic cooperation with the Anand Group, the South Korean firm will leap forward as a leading brand in the Indian lubricant market.
SK Enmove is part of South Korea's SK Group-one of the nation's top two conglomerates with over USD 250 billion in assets.
Through the JV, Gabriel India - having reported consolidated revenue of Rs 4,063 crore in FY 2024-25 will enter end-to-end manufacturing and distribution of a comprehensive product range, including engine oils, EV fluids, shock absorber oils, industrial lubricants, greases, and e-thermal fluids.
Gabriel India shares were trading 0.86 per cent down at Rs 1,282.95 apiece on BSE.
The strategic partnership represents a significant step in the company's transformation into a diversified automotive systems and components major, expanding beyond its traditional core strength in ride control products.
The JV positions the company to enter India's fast-growing Rs 40,000 crore lubricants and EV fluids market that is projected to witness steady growth with rising vehicle and EV adoption, Gabriel India, a part of Anand Group, said in a statement.
SK Enmove and Gabriel India will hold 51 and 49 per cent stakes respectively in the JV firm -- SK Enmove Gabriel India.
"Gabriel India stands at the threshold of a historic transformation-from a leader in world-class suspensions to an emerging automotive systems and components powerhouse with a rapidly expanding portfolio across multiple segments of the mobility ecosystem," Anand Group Executive Chairperson Anjali Singh said.
Kim Wone-kee, CEO of SK Enmove, noted that based on the strategic cooperation with the Anand Group, the South Korean firm will leap forward as a leading brand in the Indian lubricant market.
SK Enmove is part of South Korea's SK Group-one of the nation's top two conglomerates with over USD 250 billion in assets.
Through the JV, Gabriel India - having reported consolidated revenue of Rs 4,063 crore in FY 2024-25 will enter end-to-end manufacturing and distribution of a comprehensive product range, including engine oils, EV fluids, shock absorber oils, industrial lubricants, greases, and e-thermal fluids.
Gabriel India shares were trading 0.86 per cent down at Rs 1,282.95 apiece on BSE.
