Gulf Oil Lubricants buys major stake in Tirex Transmission
Photo courtesy of Tirex Transmission

Gulf Oil Lubricants buys major stake in Tirex Transmission

Gulf Oil Lubricants, a subsidiary of the global conglomerate Hinduja Group, has announced its acquisition of a controlling stake in the electric vehicle (EV) charger manufacturer, Tirex Transmission. The deal, valued at INR103 crore (USD12.4 million), underscores Gulf Oil’s strategic move to strengthen its foothold in the burgeoning EV sector.

The acquisition aligns with Gulf Oil Lubricants’ global vision of becoming a dominant player in the EV charging ecosystemโ€”a market currently estimated at USD20 billion and projected to surpass USD200 billion by 2030. The investment in Tirex, known for its production of DC fast chargers, positions Gulf Oil for a comprehensive role in the worldwide EV charging landscape.

Ravi Chawla, managing director and CEO of Gulf Oil Lubricants, expressed the company’s commitment to the EV sector, stating, “This majority stake acquisition in Tirex is in line with our dedication to broadening our reach in the EV domain and making a significant impact on the EV value chain.”

The collaboration is anticipated to harness the combined strengths of both companies, driving innovations in EV charging solutions. Chawla further emphasised the potential of the partnership, noting that it sets the stage for “revolutionary advancements in EV charging, both in India and on the global stage, consistent with our Global Mobility strategy.”

Gulf Oil Lubricants believes that this strategic move will enable them to tap into India’s market potential, which is estimated to be worth USD1-1.4 billion in the next five to seven years.