Gulf Oil Lubricants India, the country’s largest privately owned automotive lube producer, announced it is investing in electric vehicle charging, battery production and fluids for two and three wheelers.
China and Vietnam are currently the biggest two- and three-wheeler markets, but India is following close third. The Indian government has said that by 2030, EV sales will account for 30% of all cars, 70% of commercial vehicles and 80% of two and three wheelers. The Indian lubricant marketer, part of Hinduja Group Ltd, already produces eLEC brand of brake fluids, coolants and driveline fluids. The company claims it has a 40% market share of four wheelers and 10% of two- and three-wheeler customers.
As yet, the government has adopted no regulations for these targets. The Indian Venture and Alternate Capital Association said in a report released in July that the targets are “aggressive”. The report projected that by 2027, EVs may account for less than 4% of passenger cars, 38% of two wheelers and 40% of three wheelers.
Growth of EVs has been largely buses and two and three wheelers. In 2019, the government tried to incentivize the market with reduced goods and service tax on four-wheel passenger EVs.
Managing Director and CEO Ravi Chawla told Indian media the company invested in the U.K. Indra charging network and is looking to roll out that network in India.
Hinduja Group is an Anglo-Indian international conglomerate with headquarters in Mumbai. It is present in eleven sectors including automotive, oil and specialty chemicals.
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