Gulf Oil Lubricants India, part of the Hinduja Group, has acquired a controlling stake in Tirex Transmission for Rs 103 crore, as part of a strategic move to bolster its presence in the electric vehicle (EV) segment.
The company says the move is part of its global ambition towards being a leader in the EV charging ecosystem, a market which is already valued at $20 billion (Rs 164,940 crore) currently and expected to cross $200 billion (Rs 1,649,400 crore) by 2030. 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 percent 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 that 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 India. It has a comprehensive range of DC chargers, spanning from 30KW to 240KW. Tirex caters to a diverse clientele, including PSUs, Charge Point Operators (CPOs), OEMs, and retail with a range of chargers available for all vehicle types, including e-buses.
Ravi Chawla, MD & CEO, Gulf Oil Lubricants India 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. 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, Tirex stated, “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.
