Gabriel India partners with South Korea's SK Enmove to diversify product range

New Delhi, Oct 16 (PTI) 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. PTI MSS MSS DR DR