Gulf Oil Lubricants buys 51% in Tirex Transmission for Rs 103 Cr
In a strategic move to strengthen its presence in the electric vehicle (EV) segment, Gulf Oil Lubricants India Limited (GOLIL), a Hinduja Group Company, announced to acquire controlling stake in Tirex Transmission Pvt Ltd for Rs. 103 crores.
“This is part of Gulf’s global ambition towards being a leader in the EV charging ecosystem, a market which is already valued at $20 Bn currently and expected to cross $200 Bn by 2030,” the company said in a statement.
As part of the same, GOLIL and its parent Gulf Oil International (GOI) have invested in Indra Renewables- a UK based AC charging (slow charging) company with around 8% share of the UK home charging market. Indra has developed a leading bi-directional charging technology enabling V2G and V2X configurations. GOLIL has also invested in ElectreeFi, a leading EV SaaS player which provides charging management software (CMS) solutions for major OEMs in India. The investment in Tirex, which is a manufacturer of DC Fast Chargers, will enable Gulf towards a synergistic end to end play in the global EV charging ecosystem.
Tirex Transmission has already deployed over 400 high-capacity EV fast chargers across the country. It offers a comprehensive range of DC chargers, spanning from 30KW to 240KW. Tirex caters to a diverse clientele, including PSUs, Charge Point Operators (CPOs), Automotive OEMs, and Retail with range of chargers available for all vehicles types, including e-Buses.
Ravi Chawla, MD & CEO of Gulf Oil Lubricants India Ltd, said, “This acquisition of majority stake in Tirex aligns with our commitment to expanding our footprint in the EV landscape and make a significant play in EV value chain where Gulf in India and globally, in recent years, have already invested in a slow AC charger company Indra Technologies, UK and ElectreeFi, an EV SaaS provider. Tirex’s strong performance in the DC charger market, combined with Gulf Oil’s robust brand strengths, distribution reach and relationships with OEMs & Infra/B2B customers, sets the stage for a synergistic partnership.”
He adds, “Our combined strengths will undoubtedly pave the way for groundbreaking advancements in EV charging, both domestically and internationally in line with our Global Mobility strategy.”
Arth Patel, CEO of Tirex, stated, “Aligning with a global powerhouse like the Hinduja Group heralds a transformative chapter for Tirex. As we continue our journey in the rapidly evolving EV charger space, this collaboration will undoubtedly amplify our growth trajectory and technological advancements, fortified by Gulf Oil’s financial strengths, extensive reach and business expertise.”
The capital infusion into Tirex is earmarked primarily for invigorating R&D initiatives and scaling up production capacities and extending the service network. A concentrated push towards obtaining EU and UL certifications, backed by Gulf Oil International, will further solidify Tirex’s global outreach.