Gulf Oil Lubricants India Limited (Gulf Oil), a leading player in the lubricants industry, and Piaggio Vehicles Pvt Ltd (Piaggio India), a 100 % subsidiary of the Italian Piaggio Group and India's leading manufacturer of small commercial vehicles have renewed their strategic partnership agreement to extend collaboration in delivering genuine and co-branded lubricants across Piaggio's commercial vehicle segment. This exclusive partnership, renewed until 2030, underscores both companies' commitment to highperformance, customized lubricant solutions and sets the foundation for further growth across retail, factory-fill, and export markets.
The renewal agreement was signed by Mr. Diego Graffi, Chairman & MD, Piaggio Vehicles Pvt Ltd, and Mr. Ravi Chawla, MD & CEO, Gulf Oil Lubricants India Limited. Since the partnership's commencement in 2020, Gulf and Piaggio India have collaboratively developed high-quality lubricants designed to meet the evolving needs of Piaggio's vehicle range including BS VI and EV vehicles. This partnership has consistently delivered advanced products that enhance vehicle performance and longevity, providing Piaggio India's channel partners & customers with optimized solutions for their commercial vehicles.
Reflecting on the partnership renewal, Mr. Ravi Chawla, MD & CEO, Gulf Oil Lubricants India, said, "We are thrilled to renew our partnership with Piaggio India, which aligns with our mission to bring industryleading, specialized lubricants to diverse vehicle segments. Our collaboration has been built on a shared passion for innovation and growth, and together, we are poised to expand our reach and impact in both traditional and electric vehicle markets. With India's commercial vehicle market poised for significant growth driven by robust infrastructure development, this collaboration is well-positioned to capitalize on emerging opportunities and strengthen Gulf's position as a trusted partner for OEMs, supporting our vision for sustained growth and excellence in the sector."
With the renewal, Gulf will continue as Piaggio India's exclusive lubricant partner for all factory fill, workshop, and retail requirements in India, along with exports to select international markets. The partnership will cover the full spectrum of lubricants, including advanced BS VI oils and new EV fluids, developed to meet the evolving needs of Piaggio India's growing customer base.
Mr. Diego Graffi Chairman & MD - Piaggio Vehicles Pvt Ltd, added, "This long-term renewal with Gulf Oil reinforces our commitment to delivering quality products that support optimal performance for Piaggio India's customers. As both companies look to the future, Gulf's strategic investments towards growing the EV fluids segment align seamlessly with Piaggio's growing focus on electric mobility in India, particularly in the commercial lightweight and 3-wheeler EV segments. We look forward to this next chapter of collaboration."
This partnership leverages the market leadership and strengths of both Gulf Oil and Piaggio to foster continuous advancements in vehicle efficiency and lubricant technology to set new benchmarks in product innovation and service excellence.
Shares of Gulf Oil Lubricants India Limited was last trading in BSE at Rs. 1105.50 as compared to the previous close of Rs. 1063.20. The total number of shares traded during the day was 15928 in over 1755 trades.
The stock hit an intraday high of Rs. 1121.85 and intraday low of 1069.55. The net turnover during the day was Rs. 17475643.00. |
