Petronas plans to invest $150 million in India's lubricant market

In a bid to expand its presence in Indian lubricant market, Malaysia based oil major, Petronas is planning to make an investment of USD 150 million.

Petronas Lubricants International (PLI) that significantly manages the manufacturing and marketing of the Malaysian national oil corporation is likely to invest in the setting up of a manufacturing unit with 110 million litres capacity in Patalganga, on the outskirts of Mumbai. The company is also planning to establish a technology centre for motorcycle engine oil, besides investing in the branding activity of the company in India.

Identifying India as a key operational region to carve a higher growth rate, Petronas is focusing on inorganic growth opportunities to compete with the top five companies in the sector within the next five years.

Petronas Lubricant, at present, sells nearly 30 million litres in a year in the country, thus accounting for 3% of its aggregate global volume of nearly 1 billion litres. The company is aiming to surge their sales beyond 5 per cent of their total global volumes in India, in the next few years.