Seoul: SK Enmove Co., the lubricant-making unit of SK Innovation Co., announced plans to establish a joint venture with an Indian company in December, aiming to expand its presence in the Indian lubricant market. The collaboration involves SK Enmove and Gabriel India Ltd., an affiliate of the Indian automotive components maker Anand Group, who have signed an agreement to form a 51:49 joint venture. This venture will focus on joint marketing and brand development within India.

According to Yonhap News Agency, SK Enmove intends to introduce its comprehensive product lineup through Gabriel India's extensive sales networks. The product range includes engine oil, industrial lubricants, and specialized lubricants tailored for electric vehicles (EVs). This strategic move is set to tap into the Indian market, which stands as the world's third-largest automobile market.

India's automotive industry is thriving, with annual passenger vehicle production reaching 5.1 million units in 2024. In addition, two-wheeler production hit 24.3 million units, and commercial vehicles totaled 1.1 million units. These figures are reported by the Society of Indian Automobile Manufacturers (SIAM).

SIAM projects that India's vehicle market will experience an average growth of over 4 percent annually over the next five years. This growth is supported by India's status as the world's most populous country, with a population of 1.42 billion. The joint venture between SK Enmove and Gabriel India is poised to leverage this expanding market potential.