Gabriel India-SK Enmove JV targets ₹40,000 Cr market in 2025

Deal announcement and why it matters

Gabriel India Limited (GIL), the NSE-listed flagship company of the ANAND Group, has announced a joint venture with SK Enmove, a Korean energy and lubricants company and a subsidiary of South Korea’s SK Group. The announcement, dated Oct. 17, 2025, positions Gabriel to move beyond its core ride-control franchise and build a presence in automotive fluids.

The partnership is aimed at India’s lubricants and EV fluids market, which the release sizes at ₹40,000 crore and links to rising vehicle and EV adoption. For Gabriel, the move also adds another pillar to a diversification plan that has included entries into automotive fasteners, solar dampers, sunroofs, and the European bicycle suspension market.

JV structure: ownership, entity and scope

The new entity is referred to as “SK Enmove Gabriel India”. As per the announcement, SK Enmove will hold a 51% stake, while Gabriel India will hold 49%. The JV is expected to leverage both partners’ capabilities, including Gabriel’s OEM relationships and aftermarket distribution reach.

The JV’s stated product range spans engine oils, EV fluids, shock absorber oils, industrial lubricants, greases, and e-thermal fluids. The intent, as described, is to set up end-to-end manufacturing and distribution under the JV platform.

Operations plan: greenfield unit plus acquisition of existing India operations

The JV plan includes establishing a greenfield facility. It also involves the acquisition of SK Enmove’s existing India operations, which the announcement describes as providing an immediate foothold in the market.

The communication states that operations are set to commence “this December”, indicating a near-term go-to-market timeline after the October announcement. Separately, a table excerpt in the provided material references an “effective” date of February 27, 2026 for SK Enmove Gabriel India Pvt Ltd.

Regulatory filing: joint venture agreement and investment cap

A filings digest included in the provided text states that Gabriel India Ltd and SK Enmove Co., Ltd entered into a Joint Venture Agreement on October 7, 2025. The same note reiterates the 49% holding for Gabriel and 51% for SK Enmove.

That filing note also mentions an investment of up to ₹29.40 crore for the JV, and says the focus is on engine oils and lubricants. In another excerpted line, the JVA signing date is referenced as Oct 15, 2025. With multiple dates appearing in the supplied material, the consistent point across them is that the agreement was executed in October 2025 and establishes the 51:49 ownership split.

Financial context: Gabriel’s recent revenue base

Gabriel India reported consolidated revenue of ₹4,063 crore in FY 2024-25, up nearly 20% year-on-year, according to the supplied announcement text. The company is using this phase to broaden its addressable market beyond suspension and damping products.

The JV is being framed as a route into a higher-frequency consumables segment (automotive fluids) that combines OEM channels with aftermarket distribution. The announcement explicitly links the strategy to Gabriel’s “strong brand equity”, “deep OEM relationships”, and “extensive aftermarket distribution network”.

Broader corporate actions: composite scheme of arrangement

Alongside the JV narrative, the material includes details of a composite scheme of arrangement approved by Gabriel’s board on June 30, 2025, with NCLT sanction dated May 11, 2026. The scheme involves the merger of Anchemco India Pvt Ltd into Asia Investments Pvt Ltd (AIPL), and a demerger of AIPL’s automotive undertaking into Gabriel.

In an investor presentation excerpt, the company described a three-step transaction mechanics: first, merger of Anchemco into AIPL; second, demerger of the business undertaking including Anchemco’s business and investments in Anand CY Myutec Automotive (ACYM), Dana Anand, and Henkel Anand from AIPL into Gabriel; and third, Gabriel issuing shares to AIPL’s shareholders. The company also stated the process is subject to approvals from creditors, NCLT, stock exchanges, shareholders, and “majority of minority”, with an indicated timeline of 10 to 12 months subject to regulatory approvals.

What the scheme brings into Gabriel: assets and minority stakes

The supplied “Transformational Corporate Restructuring [FY26]” note lists what will vest into Gabriel as part of the scheme. This includes the Anchemco business, described as covering brake fluids, radiator coolants, DEF/Ad-blue, and PU/PVC adhesives, and reported turnover of ₹289.41 crore for FY25.

The same note lists equity investments in Dana Anand (with employee count referenced at around 2,300, and shareholding shown as Dana 74.9% and AIPL 25.1%), Henkel Anand, and Anand CY Myutec. Another excerpt states that post the merger, Gabriel would hold 25.1% in Dana Anand, 49% in Henkel Anand, and 76% in ACYM.

Promoter-public shareholding and stated objective

The investor presentation excerpt states that after the merger, promoter shareholding becomes 63.5% and public shareholding becomes 36.5%. The restructuring note describes the objective as transforming Gabriel from a mono-product suspension company into a diversified, technology-driven mobility solutions provider.

This context is relevant because the lubricants and EV fluids JV sits alongside a set of structural actions intended to widen Gabriel’s product exposure and technology footprint, including in fluids and chemical products through Anchemco’s portfolio.

Key facts at a glance

Market impact and what to track next

The immediate market relevance of the JV is Gabriel’s entry into a new category sized by the company at ₹40,000 crore, backed by a structure that combines a greenfield build-out with an acquisition of existing operations for faster entry. The filings note provides an explicit investment ceiling of ₹29.40 crore for the JV initiative.

On the corporate structure side, the composite scheme of arrangement adds a parallel set of moving parts, including the integration of Anchemco’s fluids and chemical portfolio (with FY25 turnover stated at ₹289.41 crore) and minority stakes in Dana Anand, Henkel Anand, and Anand CY Myutec. Investors will likely track the timelines tied to regulatory approvals and the sequence of steps described in the company’s presentation.

Conclusion

Gabriel India’s October 2025 JV with SK Enmove formalises a 51:49 partnership to enter engine oils, lubricants, and EV fluids, combining a greenfield facility with the acquisition of SK Enmove’s India operations. Alongside this, the company’s NCLT-sanctioned composite scheme adds Anchemco’s portfolio and select minority stakes into allied auto-component ventures. The next set of confirmed milestones to watch are the stated commencement of operations in December and the execution progress of the scheme within the indicated 10 to 12 month window, subject to approvals.