Gulf Oil to acquire 51% stake in EV charger maker Tirex Transmission for INR 103 crores

In a move to bolster its presence in the Electric Vehicle (EV) segment, Gulf Oil Lubricants India Limited (GOLIL), a Hinduja Group Company, announced to acquire a controlling stake in Tirex Transmission Pvt Limited for ~ INR 103 Crores. This marks the third significant investment in EV Charging in line with the Gulf’s Global Mobility strategy. The investment in Tirex, which is a manufacturer of DC Fast Chargers, will enable Gulf towards a synergistic end-to-end play in the global EV charging ecosystem, according to a company statement.

– GOLIL and its parent Gulf Oil International (GOI) have earlier invested in Indra Renewables- a UK-based AC charging (slow charging) company with a ~8% share of the UK home charging market. Indra has developed a leading bi-directional charging technology enabling V2G and V2X configurations.

– GOLIL has also invested in ElectreeFi, a leading EV SaaS player that provides charging management software (CMS) solutions for major OEMs in India.

Ahmedabad-based Tirex Transmission manufactures DC Fast Chargers (30KW to 240KW) for EVs in India, with a track record of deploying over 400 high-capacity EV fast chargers across the country. Tirex caters to a diverse clientele, including PSUs, Charge Point Operators (CPOs), Automotive OEMs, and Retail, with a range of chargers available for all vehicle types, including e-Buses. The company declared a turnover of INR 7.94 crores in FY 2021-22 and INR 13.26 crores in FY22-23.

Mr. Ravi Chawla, MD & CEO of Gulf Oil Lubricants India Ltd, 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.”

Echoing this sentiment, Mr. Arth Patel, CEO of Tirex, stated, “Aligning with a global powerhouse like the Hinduja Group heralds a transformative chapter for Tirex. 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 is earmarked primarily for invigorating R&D initiatives and scaling up production capacities, and extending the service network. A concentrated push towards obtaining EU and UL certifications, backed by Gulf Oil International, will further solidify Tirex’s global outreach.

Projections from the India Energy Storage Alliance (IESA) suggest a demand surge for around 1 million chargers by 2030, translating to a potential market value ranging from $1 billion to $1.4 billion in India alone.