Gulf Oil Lubricants to Acquire Majority Stake in EV Charging Firm Tirex Transmission
The acquisition is valued at approximately ₹1.03 billion
Gulf Oil Lubricants India (GOLIL), an India-based lubricant manufacturing firm, is set to acquire a 51% stake in the electric vehicle (EV) charging solutions provider Tirex Transmission in a deal valued at approximately ₹1.03 billion (~$12.4 million).
The capital infusion into Tirex will primarily fuel research and development initiatives, bolster production capabilities, and extend the service network.
The acquisition hinges on the finalization of definitive agreements and the fulfillment of predefined closing conditions.
GOLIL, a part of the Hinduja Group and Gulf Oil International, said the move underscores Gulf Oil’s ambitious aspiration to lead the EV charging ecosystem, a market presently valued at $20 billion, projected to soar beyond $200 billion by 2030.
Ravi Chawla, MD & CEO of Gulf Oil Lubricants India, said, “This majority stake acquisition in Tirex aligns with our commitment to expand our footprint within the EV landscape. This move complements our strategic investments in Indra Technologies and ElectreeFi. The robust performance of Tirex in the DC charger sector, coupled with Gulf Oil’s extensive brand reach, distribution networks, and OEM (original equipment manufacturer) relationships, paves the way for an innovative partnership.”
Tirex Transmission has completed the deployment of over 400 high-capacity EV fast chargers across India. With its comprehensive range of DC chargers spanning 30 kW to 240 kW, Tirex has etched a prominent niche in the fast-charging domain.
The company caters to an array of clients, including Public Sector Undertakings, Charge Point Operators, Automotive OEMs, and Retail, encompassing chargers designed for various vehicle types, including electric buses.
Arth Patel, CEO of Tirex, echoes this sentiment, highlighting the transformative nature of aligning with a global powerhouse like the Hinduja Group. He anticipates that this partnership will amplify Tirex’s growth trajectory and technological progress, fortified by Gulf Oil’s financial prowess, extensive reach, and business acumen.
Integral to this strategic vision, Gulf Oil International and GOLIL have already channeled investments into Indra Renewables, a UK-based AC charging company boasting an 8% share of the UK home charging market.
In March, Gulf Oil International significantly boosted its ownership in Indra, the electric vehicle charging and energy tech firm, by providing over £20 million (~$21 million) in Series B Funding.
Further augmenting its EV portfolio, GOLIL has also invested in ElectreeFi, an Electric Vehicle Software-as-a-Service (EV SaaS) player, offering Charging Management Software solutions for major OEMs in India.
According to the Bureau of Energy Efficiency and the Ministry of Power data, the country has installed 8,738 operational public electric vehicle charging stations as of June 30, 2023.
According to Mercom Capital Group’s 1H and Q2 2023 Funding and M&A Report Storage and Grid Report, the corporate funding for smart grid companies increased by 64%, reaching $1.8 billion in 33, driven mainly by the accelerated EV adoption globally.