Gulf Oil acquires stakes Tirex Transmission

The company announced to acquire 51 % of controlling stake in Tirex which is valued approximatley at INR 103 Cr

Gulf Oil acquires stakes Tirex Transmission

Mumbai- Gulf Oil Lubricants India Limited (GOLIL), ), a Hinduja Group Company, announced to acquire 51 % of controlling stake in Tirex Transmission Pvt Limited valued approximately INR 103 Crores subject to the completion of definitive agreements and the satisfaction of predetermined closing conditions.

This is a part of Gulf's involvement in the EV charging ecosystem, which is now valued at $20 billion and is anticipated to reach $200 billion by the year 2030. GOLIL and its parent company Gulf Oil International (GOI) have invested in Indra Renewables, a UK-based AC charging (slow charging) business with an 8% market share in the UK for home charging, as part of the same. Bi-directional charging technology, made possible by Indra, enables V2G and V2X combinations. Additionally, GOLIL has invested in ElectreeFi, an Indian OEM service provider of charging management software (CMS) and an EV SaaS player. Through its investment in Tirex, a producer of DC Fast Chargers, Gulf will be able to play a more effective end-to-end role in the worldwide EV charging ecosystem.

Tirex Transmission is a prominent producer of DC Fast Chargers for EVs in India. A comprehensive selection of DC chargers, ranging from 30KW to 240KW, is available from a company with a history of deploying over 400 high-capacity EV fast chargers around the nation. Tirex serves a wide range of customers, including PSUs, Charge Point Operators (CPOs), Automotive OEMs, and Retail, and offers a variety of chargers for all types of vehicles, including e-Buses.