MUMBAI: Petronas Lubricants India, an arm of the Malaysian oil major Petronas, today said it hopes to more than treble its market share in the 2-billion liters per annum domestic lubes market to 5 per cent by 2019.
Launching cobranded lubes with Tata Motors, Petronas Lubricants India chief executive MP Singh said currently its market share is a low 1.5 per cent in the almost Rs 40,000-crore lubes market.
Under the partnership, he said the Malaysian company will sell Tata Motors Genuine Oil for the diesel vehicles and gradually it will also launch lubes for petrol vehicles.
The company, which also sells OEMs-certified lubes to Maruti Suzuki and Mahindras among other auto companies, said it has not priced the product but it will be competitively priced. The products are imported from Malaysia and Italy.
Petronas Lubes last month announced investment of USD 60 million to set up a 110 million liter lubes plant at Patalganga near here. The plant will be commissioned by the fourth quarter of the next fiscal year, Singh said.
Petronas Lubes entered the country in 2006 and for the past couple of years it has been clipping at a CAGR of 40 per cent. Last year, it sold 22 million liters of lubes and hopes to take this to 80 million by 2019, Singh said.
Tata Motors Genuine Oil will be the first range of co-branded lubricants jointly developed by the companies, Tata Motors head for customer support, passenger vehicle business unit Dinesh Bhasin said, adding the companies will launch a range of nine co-branded products in a phased manner.
Set up in 2008, Petronas Lubes manufactures and markets a full range of high-quality automotive and industrial lubricants in over 80 markets globally and is the 15th largest lubes company globally.