Gulf Oil Lubricants India (Golil), a Hinduja Group Company, has announced its acquisition of a controlling stake in Tirex Transmission for INR103 crores ($12.39 million).

The investment in Tirex, which is a manufacturer of direct current (DC) fast chargers, is expected to enable Gulf Oil towards a synergistic end to end play in the global electric vehicle (EV) charging ecosystem.

This is part of the company’s global ambition towards being a leader in the EV charging ecosystem, a market which is already valued at $20 billion currently and expected to cross $200 billion by 2030, Gulf Oil stated.

Tirex Transmission is a leading manufacturer of DC Fast Chargers for EVs in India, having deployed over 400 high-capacity chargers across the country. With a range of chargers from 30 kilowatt (KW) to 240KW.

Tirex caters to various clients, including public sector undertakings (PSU), charge point operators, automotive original equipment manufacturers (OEM), and retail, offering chargers for all vehicle types, including e-Buses.

According to Gulf Oil, the acquisition positions the company to capture a share of India Market potential evaluated at $1 billion to $1.4 billion in 5-7 years. 

Ravi Chawla, Managing Director and CEO of 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.” 

He added: 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. 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.”