Lubrizol Aims to Double India Revenue Share in 5 Years

Mumbai, Mar 27 (PTI) Speciality chemicals maker Lubrizol is targeting to double its share of revenues from India, Middle East and Africa region to 20 per cent of the business in the next five years, a top official said on Thursday.

Rebecca Liebert, the president and chief executive of Berkshire Hathaway company, said India contributes less than 90 per cent to the region's revenues, and it sees a lot of opportunities in the country across sectors as the economy grows.

Lubrizol is a wholly-owned arm of Berkshire Hathaway.

The US-headquartered company, which reported revenues of USD 6.4 billion in 2023, has been present in India since 1966. Currently, it is witnessing a dip in revenues from Europe and home market of the US, while India, China, Brazil, and South East Asia are reporting fastest growth, she said, replying to a question on the markets who's share in the revenue pie will decline.

On a visit to the financial capital of India, Liebert said it is investing at least USD 350 million in building capacities which will get commissioned by 2028, and added that the investments over a five-year period will be higher.

The current investment commitments include a USD 150 million facility in Gujarat's Vilayat and USD 200 million in Maharashtra's Aurangabad.

Liebert, who met the Chief Secretary of Maharashtra Sujata Saunik earlier in the day, said that the work on the Aurangabad facility is on schedule, and the company plans to start the actual construction post-monsoon so that the factory is ready by 2028.

The company is betting on partnerships to grow in the country, she said, adding that more may be in the offing.

Liebert also announced a 1 lakh sq ft lab in the financial capital which will drive its innovation, research and development and application development.

Without disclosing the exact location for the lab, Liebert said it already has two labs in suburban Vikhroli and Turbhe, and will be consolidating all its labs into this single centre which will house 100 people to begin with.

It is also looking to double the workforce in the Pune-based capability centre to 300 soon, she said.

At present, it employs over 1,000 people in India, and the number will grow as the business expands, Liebert said.