Gulf Oil Lubricants India Limited to acquire 51 per cent controlling stakes in Tirex
Gulf Oil Lubricants India Limited, a Hinduja Group Company, has announced its intention to acquire a 51 per cent controlling stake in Tirex Transmission, an electric vehicle (EV) charger manufacturer, for Rs 103 crore.
The oil giant stated that this stake acquisition is a strategic move aligned with its global ambition to become a leader in the EV charging ecosystem. The investment in Tirex is poised to expand Gulf Oil's presence in the global EV charging domain. Tirex, a prominent player in India's DC fast charger manufacturing sector, has already produced over 400 high-capacity EV fast chargers. Notably, their product range encompasses a variety of DC chargers, ranging from 30kW to ultra-fast 240kW.
A company statement highlighted that the EV charger manufacturing market is currently valued at $20 billion and is projected to surpass $200 billion by 2030. According to estimates from the India Energy Storage Alliance (IESA), demand for approximately one million chargers is anticipated by 2030, potentially translating to a market value ranging between $1 billion to $1.4 billion. Leveraging Tirex's expertise, Gulf is confident in its ability to capture a significant global market share in the years to come.
Beyond this acquisition, Gulf Oil Lubricants India Limited and Gulf Oil International (GOI) have made investments in other EV-related ventures. They have acquired an eight percent share in Indra Renewables, a UK-based AC charging company that holds a notable portion of the home charging market. Additionally, the Indian entity has invested in ElectreeFi, a provider of EV charging management software (CMS) solutions to major automakers in India.
Commenting on the occasion, Ravi Chawla, MD and CEO, Gulf Oil Lubricants India Limited, 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."
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