Lucas to market US firm’s lubricants in India
June 7th, 2011 - 4:22 pm ICT by IANSNew Delhi, June 7 (IANS) Lucas Indian Services, a unit of Lucas-TVS Group, has tied-up with the US-based TOP1 Oil Products Company to market high-end automobile and synthetic blend lubricants in India.
“Lucas Indian Services will be our marketing partner in India. We see huge potential in this market,” said Frank Ryan, vice-president for sales and marketing of TOP1 Oil Products Company.
Ryan said TOP1 would target the niche market segment, especially new generation vehicles.
“For the moment, we will be supplying all the products from the US. Depending on the market demand, we may set up our manufacturing unit in India,” Ryan told IANS.
Ryan, however, emphasised that his firm has no plans to enter into low-cost lubricants segment.
Sandeep Abbi, president of Lucas Indian Services, said the company targets to capture 10 percent market share of high-end synthetic and semi-synthetic oil segment over the next three years.
Currently, Indian lubricant market is estimated to be worth nearly Rs.25,000 crore, over Rs.2,000 crore of which is for high quality synthetic and semi-synthetic products.
“Entry of TOP1 will further boost the growth of premium lubricants market in India. The company already has a strong presence in the US and other western countries and we are targeting for the same in India also,” said Abbi.
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