Gulf Oil Lubricants India Limited (Gulf Oil), a leading global lubricant player and PIAGGIO Vehicles Pvt Ltd (Piaggio), the pioneer in Three Wheeler business, today announced the signing of a new strategic long term partnership agreement for marketing of genuine and co-branded oils for commercial vehicles business, starting January 2020 . These technologically advanced products have been co-developed for the entire range including the upcoming BS VI vehicles.
The agreement was signed by Mr. Diego Graffi, CEO & MD, Piaggio Vehicles Private Limited, and Mr. Ravi Chawla, Managing Director, Gulf Oil Lubricants India Limited.
Mr. Diego Graffi, CEO & MD, Piaggio Vehicles Private Limited said ,"As an ongoing commitment to enable PVPL customers to use best possible products for their vehicles for optimal performance, we are glad to tie-up with Gulf Oil w.e.f. 1st January'2020 for entire CV business. Gulf Oil's technical expertise based on its world-class R&D setup and manufacturing facilities in India will certainly provide superior value to 27 lakhs Piaggio Customers. We are also confident that this partnership will give better service levels to our channel partners and also improve the availability across segments."
Mr. Ravi Chawla, Managing Director, Gulf Oil Lubricants said, "We are extremely delighted to partner with Piaggio - this helps us to further grow our business in OEM segment as well as expand our business in 3 Wheeler category. Through this partnership, PIAGGIO customers will be able to avail top of the line products to enhance the performance of their vehicles and together, we will be able to strengthen the usage of these products with our reach and service initiatives. The partnership will cater to factory fill, Franchisee Workshops (FWS), high street and exports segments. The genuine oils will cater to FWS & Exports and on the other hand co-branded oils will be marketed for the Retail (high street) segment."
Today, Gulf oil has partnerships with leading OEM manufacturers to provide customized products in India. Gulf Oil caters to the entire automotive and industrial ecosystem with specialized lubricants, to improve performance and deliver superior value propositions.
Last year Gulf Oil had signed a multi-year contract with Aprilia Racing team (an associate of Piaggio) for sponsorship of their team in MOTO GP.
Shares of Gulf Oil Lubricants India Ltd was last trading in BSE at Rs.844.55 as compared to the previous close of Rs. 844.85. The total number of shares traded during the day was 80 in over 58 trades.
The stock hit an intraday high of Rs. 855 and intraday low of 844.55. The net turnover during the day was Rs. 68096.