New Delhi, Oct 23 – Malaysia’s Petronas Lubricants International said it will invest US$50 million (RM158.6 million) in a lubricant oil blending plant near Mumbai, its first in India.
Petronas Lubricants is the lubricants manufacturing and marketing arm of Malaysia’s national oil and gas company, Petronas.
The Malaysian company has signed a joint land lease agreement with Maharashtra Industrial Development Corporation (MIDC) for a lubricant blending plant of 60 kilo tonnes per annum capacity in Patalganga, near Mumbai, Maharashtra, The Economic Times reported.
The first phase of the plant is likely to be completed by end-2015.
“Since our venture into India in 2006, we have charted a five-year cumulative annual growth rate of more than 57 per cent through the support of our distributors and business partners here,” Asia Regional Head of Petronas Lubricants International, Giuseppe Pedretti, was quoted as saying in the report.
“Now that we have a good footing, we are ready to take the next step towards establishing Petronas’ lubricants business and brand in India, and this involves investing into building facilities that will support our supply-chain network, as well as developing people to work with us in both manufacturing and marketing lubricants here,” Pedretti added.
Petronas Lubricants International manufactures and markets high-end lubricants. The company already has a marketing and distributorship presence in India.
– Bernama
