Fuchs to invest $2 million in India

Global lubricants major Fuchs would invest about $2 million in its operations in India which it sees as a 'thrust market'.

"We will invest about $2 million in our Indian operations by the next month and would substantiate it further during the next fiscal," Kersi Hilloo, managing director, Fuchs Lubricants India, told reporters in Mumbai on Tuesday.

He said major industrial development is happening in India and China and Fuchs viewed the two countries as growth markets for its future plans.

The company is targeting to double its sales turnover in India, which was at present Rs 50 crore (Rs 500 million), in the next three years.

Fuchs was focussing on high end of the lubricants market in India where it has a significant share in certain segments, he said, claiming that the company had about 90-100 per cent share in the coal mining lubricants and about 80 per cent in the cement grid.

The company was also open for acquiring facilities in India, he said, adding that as and when opportunity comes Fuchs would look into it.

The company, which offers about 400 products, is planning to bring more specialised products from the 8500-strong basket of its products worldwide.