Rane Group enters power steering fluid market

A new power steering fluid, Power Cruze, will be developed by the Rane Group, a major auto component manufacturer headquartered in Chennai, India. Initially the company indicated they would be outsourcing the product from a third party and the Rane Group would market the product. Harish Lakshman, managing director of the Rane Group, stated that after assessing the demand for the product the company decided on entering the market themselves and becoming the manufacturer. The Rane Group proposes to sell one million liters of the power steering fluid in the first three years. Expected revenue is Rs. 50 Crore (US$11.1 million). The total market for power steering fluid is estimated at eight million liters (2.1 million gallons) for commercial vehicles, according to Lakshman. (February 24, 2011)