Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
SK Enmove makes inroads into India's lubricant market
SK Enmove CEO Kim Wone-kee, right, poses with Anand Group CEO Mahendra Goyal during a joint venture agreement signing ceremony at SK Group's headquarters in Seoul, Wednesday. Courtesy of SK Enmove
By Park Jae-hyuk
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 foundation for growth, focusing on the premium segment.
According to the Society of Indian Automobile Manufacturers (SIAM), India's annual passenger vehicle production reached 5.1 million units last year, while two-wheelers and commercial vehicles accounted for 24.3 million and 1.1 million units, respectively.
SIAM expects India's vehicle market to grow by more than 4 percent annually on average over the next five years.