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Sri Lanka to export petro-chemicals to India

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Business
T. Vinayaga Murugesan with Dr. D. Venkateshwaran

For the first time, ‘DigiRiver.in’ an e-Commerce wholesale startup for emerging brands and distributors in Sivagangai, Tamil Nadu, India will introduce Sri Lankan Petro Chemicals to the Indian market.

Vinayagam Associates CEO T. Vinayaga Murugesan said that they are into connecting leading and emerging brands in India to reach and expand their customer, dealer and distributor network across India successfully. “I met Sri Lanka’s Deputy High Commissioner in Chennai, Dr. D. Venkateshwaran recently in India and he told me to explore the possibility of marketing some top Sri Lanka brands in Tamil Nadu and all over India through our ‘DigiRiver.in’ e-commerce platform.”

“After a tour in Sri Lanka, I found that Sri Lanka has a vibrant lubricant market and the products are economical and are of high quality.”

The market for Sri Lanka Lubricants is expected to grow at a CAGR of more than 3% each year after it suffered a setback due to the pandemic lockdowns. Lubricants such as Engine oils, Hydraulic fluids, Gear oils, Transmission oils, Greases and other such lubricants are used in various applications in the Agricultural industry to protect them from wear and tear caused due to continuous usage and also in the motor segment and especially for three-wheelers.

Leading companies such as Chevron Ceylon Limited, Indian Oil Corporation, and Laugfs Holdings Limited have assembly plans and blending plants in Sri Lanka that offer products for both the automobile, and industrial sectors, with export capabilities to other regions. Most recently Ideal First Choice (Pvt.) Ltd, a wholly-owned subsidiary of the Ideal Group, has teamed up with Gulf Oil Lubricants India to bring Gulf Oil lubricants to the Sri Lankan market.

India was one of the leading countries in the world in terms of vehicle production. In the year 2021, the total production volume of vehicles in India was around 22.7 million units which include around 400,000 three-wheelers.

“Despite manufacture of lubricants for these, India still imports around 40% and in Tamil Nadu alone over 25% of lubricants is imported. I plan to take a sizable share of these exports from Sri Lanka as it would be cheaper for the end-user. This is since we could get bents under several bilateral agreements with Sri Lanka.”

“I have spoken to several Sri Lanka manufacturers and I intend to commence lubricant imports from Sri Lanka to India soon and distribute them all over India via our e-Commerce portal. We also have a strong transport system to back up this distribution all over Sri Lanka and this process will also help Sri Lanka add a new export basket and gain much-needed dollars to the country. ” (SS)

 

 

Wednesday, May 4, 2022 – 01:00











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