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Gulf Oil Lubricants India Ltd has launched entry level synthetic engine oil for the passenger car segment on Tuesday.
The product is called Gulf Ultrasynth X. The company aims to increase its market share in the passenger car segment with its launch.
Market share“We have a small market share in the passenger car segment. But launching the product in Delhi, the biggest market for passenger cars in India, we hope to increase our market share substantially over the next two-three years,” said Ravi Chawla, Managing Director, Gulf Oil Lubricants.
The company aims to increase its distribution footprint as well. Currently, its products are sold in 50-60,000 outlets of urban India. Chawla said that the aim is to increase the distribution reach year-on-year by 15 per cent.
To differentiate it in a crowded market, Gulf Oil Lubricants is investing in its brand.
Chawla said the company spends about six-seven per cent of its annual revenue on its branding.
In terms of investment for manufacturing, Gulf Oil plans to spend ₹150 crore on a manufacturing plant in Chennai.
The plant is expected to come up by 2019. Chawla said it has already augmented its capacity in Silvasa at a cost of ₹45 crore.
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