Mumbai Mar 17 (UNI) Lubricant major Apar Industries Ltd has entered into a long term oil agreement with the three wheeler giant Piaggio for supplying lubricants and this is expected to generate revenue amounting to Rs 75 crore in the initial phase.
After this agreement, Apar will be a major supplier of lubricants for Piaggio's entire range of vehicles manufactured in India, the company said in a statement here today.
''This tie up is significant because India is the largest three wheeler market in the world, and Piaggio is the largest three wheeler player in the Indian market. The product being offered brings in the latest technology in engine oils, which doubles the service life of the engine oils in Piaggio vehicles,'' Apar Idustries Managing Director Kushal Desai said.
The tie-up is renewable and is expected to generate Rs 75 crore in revenue for the company for the initial contracted period. AGIP oil has been launched through the Piaggio dealer and service networks across India, he added.
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