Gulf Oil To Acquire 51% Stake In Tirex Transmission; To Invest Rs. 103 Cr
In a strategic move to bolster its presence in the Electric Vehicle (EV) segment, Gulf Oil Lubricants India (GOLIL), a Hinduja Group Company, will acquire a controlling stake in Tirex Transmission, a DC fast charger manufacturer for electric vehicles, for INR 103 crore subject to the completion of definitive agreements and the satisfaction of predetermined closing conditions.
Tirex Transmission is a key player in manufacturing DC Fast Chargers for EVs in India. With a track record of deploying over 400 high-capacity EV fast chargers across the country. With its comprehensive range of DC chargers, spanning from 30KW to 240KW, Tirex caters to clientele like PSUs, Charge Point Operators (CPOs), Automotive OEMs, and Retail with a range of chargers available for all vehicle types, including e-buses.
This is part of Gulf’s global ambition towards being a leader in the EV charging ecosystem, a market which is already valued at $20 Bn currently and expected to cross $200 Bn by 2030. As part of the same, GOLIL and its parent Gulf Oil International (GOI) have invested in Indra Renewables- a UK-based AC charging (slow charging) company with an 8 per cent 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 which provides charging management software (CMS) solutions for major OEMs in India. 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.
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. Further, there is a multi-billion-dollar opportunity in the global market where DC Charging is a fast-growing segment.
Ravi Chawla, MD & CEO of Gulf Oil Lubricants India, said, "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.”
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. Gulf Oil's acquisition of Tirex accentuates its holistic approach to the EV charging ecosystem, dovetailing seamlessly with its prior investments in the Slow Chargers sector as this completes the portfolio of Slow AC chargers and DC fast chargers within Gulf globally. This strategic alignment fortifies Gulf Oil's ambition to emerge as a one-stop solution provider, addressing the entire spectrum of EV charging needs.
Echoing this sentiment, Arth Patel, CEO of Tirex, stated, "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."
