Gulf Oil Lubricants will pay Rs 103 crore for the majority stake in Tirex Transmission

29 Aug 2023 , 02:02 PM

Gulf Oil Lubricants, a member of the Hinduja Group, stated that it had paid Rs 103 crore for a majority interest in Tirex Transmission, a manufacturer of EV chargers.

Gulf Oil Lubricants stated in a statement that the move is anticipated to strengthen the company’s footprint in the Electric Vehicle (EV) segment. The purchase is a part of the business’s global strategy to dominate the EV charging ecosystem, which is currently valued at $20 billion and is anticipated to reach $200 billion by 2030, according to the statement.

Gulf Oil Lubricants India Limited (GOLIL) announced in a statement that it would buy a controlling stake in Tirex Transmission Pvt Limited for Rs 103 crore, subject to the completion of definitive agreements and the satisfaction of predetermined closing conditions. The move is part of a strategic effort to strengthen GOLIL’s position in the EV market. According to Gulf Oil Lubricants, the business’s investment in electric vehicle DC fast charging company Tirex will enable it to play a synergistic end-to-end role in the world’s EV charging ecosystem.

According to Ravi Chawla, MD and CEO of Gulf Oil Lubricants, ‘This acquisition of a majority stake in Tirex aligns with our commitment to expanding our footprint in the EV landscape and make a significant play in the EV value chain.’

The company claimed that the acquisition puts it in a good position to take advantage of the USD 1-1.4 billion market potential in India over the next 5-7 years. According to the announcement, Gulf Oil Lubricants and its parent company Gulf Oil International have previously made investments in two businesses, Indra Renewables and ElectreeFi.

A successful alliance is made possible by Tirex’s outstanding performance in the DC charger market, Gulf Oil’s strong brand, distribution network, and ties with OEMs and Infra/B2B clients, noted Chawla.

In keeping with our Global Mobility vision, ‘our combined strengths will pave the way for groundbreaking advancements in EV charging, both domestically and internationally,’ Chawla said.

Tirex CEO Arth Patel stated, ‘As we continue our journey in the quickly developing EV charger industry, this collaboration will definitely accelerate our growth trajectory and technological improvements, strengthened by Gulf Oil’s financial resources, wide-ranging reach, and commercial acumen.

According to Gulf Oil Lubricants, the capital infusion into Tirex is largely intended to boost R&D projects, scale up manufacturing capabilities, and expand the service network.

Furthermore, the corporation said that the rapidly expanding DC charging market presents a multi-billion-dollar opportunity.

In combination with Tirex’s unique technology roadmap, Gulf is in a strong position to gain a sizeable portion of the global market in the upcoming years, the company claimed.

Gulf Oil’s purchase of Tirex emphasizes the company’s comprehensive approach to the EV charging ecosystem and fits in perfectly with its earlier investments in the slow chargers market because it completes Gulf’s global portfolio of both types of chargers, the company claimed.

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