Hinduja Group’s Gulf Oil Lubricants is set to solidify its presence in the Electric Vehicle (EV) sector through the acquisition of a controlling stake in EV charger manufacturer Tirex Transmission for ₹103 crore. This strategic move aims to position Gulf Oil as a significant player in the rapidly expanding EV charging ecosystem.
In a press statement released today, Gulf Oil Lubricants announced its ambitious move to acquire a controlling stake in Tirex Transmission Pvt Limited, a major player in the EV charging market. This acquisition, subject to the fulfillment of definitive agreements and predefined closing conditions, aligns with Gulf Oil’s broader vision of becoming a frontrunner in the EV charging domain. The company sees the burgeoning EV charging market as a pivotal avenue for growth and innovation, with its current valuation of $20 billion projected to soar to over $200 billion by 2030.
Gulf Oil Lubricants India Limited (GOLIL) envisions the acquisition as a stepping stone towards achieving an end-to-end presence in the global EV charging landscape. By investing in Tirex Transmission, a prominent electric vehicle DC fast charging firm, Gulf Oil aims to synergize its strengths and technological capabilities, thereby establishing a commanding presence in the electric mobility market.
Ravi Chawla, Managing Director and CEO of Gulf Oil Lubricants, expressed his enthusiasm for the venture, stating, “This acquisition of a majority stake in Tirex aligns with our commitment to expanding our footprint in the EV landscape and making a significant play in the EV value chain.”
The acquisition is expected to provide Gulf Oil with a prime opportunity to tap into the burgeoning Indian EV market, which is projected to reach a potential value of $1-1.4 billion within the next 5-7 years. Gulf Oil’s previous investments in companies like Indra Renewables and ElectreeFi have laid the groundwork for this strategic move.
Tirex Transmission has already demonstrated its prowess in the DC charger market by deploying over 400 high-capacity EV fast chargers across India. These chargers cater to a diverse clientele, including public sector undertakings, charge point operators, automotive original equipment manufacturers (OEMs), and retail businesses. The company’s charger range, spanning from 30 kW to 240 kW, accommodates various vehicle types, including electric buses.
Arth Patel, CEO at Tirex, highlighted the potential synergies of this collaboration, stating, “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 Transmission is earmarked for enhancing research and development efforts, expanding production capacities, and bolstering the service network. Moreover, with the global market for DC charging experiencing rapid growth, Gulf Oil Lubricants believes that its strategic partnership with Tirex will position it to capture a significant share of this burgeoning sector.
Gulf Oil’s acquisition of Tirex Transmission complements its comprehensive approach to the EV charging ecosystem. With prior investments in the slow charger sector, this acquisition completes Gulf Oil’s portfolio, enabling the company to offer both types of chargers and further solidify its position as a key player in the EV market.
