Fuchs Lubricants India, the wholly owned Indian subsidiary of Fuchs Petrolub AG Germany, has set up its research and development centre at Ambernath, suburban Mumbai with an investment of over Rs 40 crore.
The company plans to increase its network to a wide range of sector ranging from infrastructure, cement, wind energy and mining among others. The company says, growing automotive sector also offers new opportunities with German brands like Mercedes and Volkswagen doing well in India.
“We see a huge growth potential for Fuchs Lubricants in India. In the next five years specialization for industries assumes significance, the demand for lubricants will also increase. Since we are a niche market player we are in a position to cater to such demand,” said Stefan Fuchs, Chairman, Fuchs Petrolub AG Germany.
The company at present has a turnover of Rs 75 crore from its India operations and is targeting a turnover of Rs 200 crore in the next three years.
The research and development centre will initially adopt lubes to sub-continental conditions and at a later stage would be upgraded to a regional hub for research and development.