SK Enmove makes inroads into India's lubricant market

SK Enmove, the lubricant manufacturing unit of SK Innovation, said Thursday it has signed an agreement with Gabriel India, an affiliate of Indian automotive components maker Anand Group, to establish a joint venture in India. The Korean company will hold a 51 percent stake in the new entity, SK Enmove Gabriel India, while the Indian firm will own the remaining 49 percent. With the joint venture, SK Enmove aims to expand its presence in the world's third-largest automobile market with the world's largest population of 1.42 billion. "The joint venture will work to strengthen its sales network and market the brand," SK Enmove said in a press release. "Following its establishment in December, the new company plans to offer a range of products from engine oil and industrial lubricants to specialized lubricants for electric vehicles." Anand Group has set up 13 joint ventures with global companies such as HL Holdings and Henkel, building sales networks throughout India. In partnership with SK Enmove's high-quality products and technological expertise, both companies plan to establish a foundati