US-headquartered tyre major Goodyear on Wednesday said it has forayed into automotive lubricants segment in India.
The company has collaborated with Assurance International, a part of Satya Group, for a new line of engine oils that will be manufactured, sourced and distributed in the country to complement Goodyear's tyre product portfolio in the region.
The company's lubricants product portfolio would cater to all kinds of vehicles, including commercial and passenger vehicles and two wheelers.
The product line would include greases, brake fluid, transmission oil, tractor oil, diesel exhaust fluid, gear oil and hydraulic oils.
While Goodyear would provide research and development (R&D) support, Gurgaon-based Assurance International would look after manufacturing, marketing and distribution. It will also provide after-sales assistance to consumers.
Assurance International-Goodyear Lubricants Country Head (Sales, Marketing and Operations) Sanjay Sharma told PTI that the company decided to enter the Indian market as it is among the top three in terms of automotive lubricant consumption globally.
"If you look at top three countries globally in terms of lubricant consumption, it is the US, China and India," he noted.
Sharma said the company would like to focus on the after-market segment in the first phase.
"We are looking at around 4-5 per cent market share by 2025 in the lubricant after-market segment amidst the multinational companies currently present in the country," he said.
The majority share in the country's automotive lubricants market is held by public sector oil companies which also run fuel pumps.
In the second phase, the company would also look at tie ups with automotive original equipment manufacturers (OEMs) in the country, Sharma said.
Commenting on the tie up with Assurance International, he said the company has presence across global markets with presence in petrochemicals, real estate and education, among others.
"It is the authorised licensee for India and South East Asia for Goodyear lubricants and would be solely responsible for manufacturing, marketing and distribution for lubricants in India and south east Asia," Sharma noted.
The lubricant products would be manufactured at two facilities in Hisar (Haryana) and Mumbai (Maharashtra), he said.
Goodyear is one of the world's largest tyre companies. It employs around 63,000 people and manufactures its products in 46 facilities in 21 countries around the world.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.