Lumax Auto Technologies on Friday said it has formed a strategic partnership through its aftermarket division with German firm Bluechem group in the automotive car-care space.
This partnership will offer domestic customers automotive car-care products for cleaning, service and maintenance across the domains, Lumax Auto Technologies Ltd (LATL) said in a statement.
These domains include preventive and maintenance solutions, additives, car and bike care, diagnostic software, tools and equipment, the company said.
A part of the Lumax-DK Jain Group, Lumax Auto Technologies is a diversified automotive systems and components manufacturer, while Bluechem is a global automotive maintenance care products and services provider, operating across over 120 countries.
The Indian car-care products, services and PPF (paint protection film) market is estimated to be around Rs 1,025 crore (in 2023) and is growing at a healthy compound annual growth rate (CAGR) of 8.5 per cent per annum according to Lumax Auto Technologies.
This strategic partnership will provide further impetus to the company's growing after-market segment in India, and at the same time establish Bluechem's presence in the domestic market, it said.
"Lumax Group's strong business relationships with all major original equipment manufacturers in India, combined with our collaboration with Bluechem, ushers in a new range of robust products for the Indian market," said Sanjay Bhagat, senior EVP and head aftermarket division at Lumax Auto Technologies Ltd.
The company anticipates a bright future for its business and expects to achieve healthy growth at a CAGR of 40 per cent over the next three years, he added.
In India, the company will introduce co-branded products distributed by Lumax Aftermarket through its extensive network of over 350 channel partners and over 30,000 workshops located across India.
This will begin with 30 SKUs (semi knocked down units) and will keep growing, the company said adding Bluechem will provide support through training, OEM approvals and joint marketing activities.
"This partnership aligns with our focus on enhancing consumer experiences. The Bluechem Group will be introducing their entire range of automotive care and Maintenance products in India," said Nikhil Junnarkar, Director of South Asia and regional head for India, South Asia, Middle East and Africa at Bluechem Group.