Gulf Oil Lubricants to acquire controlling stake in Tirex Transmission for Rs 103 crore

Hinduja Group company Gulf Oil Lubricants on Monday announced acquiring a controlling stake in EV charger maker Tirex Transmission for Rs 103 crore.

The move is expected to bolster the company's presence in the Electric Vehicle (EV) segment, Gulf Oil Lubricants said in a statement. The acquisition is a part of the company's global ambition towards being a leader in the EV charging ecosystem, a market which is already valued at USD 20 billion and expected to cross USD 200-billion by 2030, it stated.

In a strategic move to bolster its presence in the EV segment, Gulf Oil Lubricants India Limited (GOLIL) announces to acquire 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 company said in the statement. The investment in electric vehicle DC fast charging firm Tirex will enable the company towards a synergistic end-to-end play in the global EV charging ecosystem, Gulf Oil Lubricants said.

“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,” said Ravi Chawla, MD and CEO of Gulf Oil Lubricants.

The company said the acquisition positions it to capture a share of India market potential valued at USD 1-1.4 billion in 5-7 years. As part of the same, Gulf Oil Lubricants and its parent Gulf Oil International have already invested in two firms-- Indra Renewables and ElectreeFi, as per the statement.

Tirex's strong performance in the DC charger market, combined with Gulf Oil's robust brand strengths, distribution reach and relationships with OEMs and Infra/B2B customers, sets the stage for a synergistic partnership, Chawla added.

“Our combined strengths will pave the way for groundbreaking advancements in EV charging, both domestically and internationally in line with our Global Mobility strategy, " Chawla stated.

Catering to a diverse clientele, including PSUs, charge point operators, automotive OEMs, and retail with range of chargers available for all vehicles types, including e-buses, Tirex offers chargers from 30-kw-240 KW range with over 400 high-capacity EV fast chargers already installed pan-India.

"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,” said Arth Patel, CEO at Tirex.

The capital infusion into Tirex is earmarked primarily for invigorating R&D initiatives and scaling up production capacities and extending the service network, Gulf Oil Lubricants said.

Further, there is a multi-billion-dollar opportunity in the global market where DC charging is a fast-growing segment, the company said.

Coupled with Tirex's differentiated technology roadmap, Gulf is well positioned to capture a significant global market share in the coming years, it said.

Gulf Oil's acquisition of Tirex accentuates its holistic approach to the EV charging ecosystem, dovetailing seamlessly with its prior investments in the slow chargers sector as this completes the portfolio of both type chargers within Gulf globally, it said.

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