Gulf Oil Lubricants, a Hinduja Group company, announced on 28 August that it had acquired a controlling stake in EV charger maker Tirex Transmission for Rs 103 crore.

Gulf Oil Lubricants said in a statement that the move will strengthen the company's presence in the Electric Vehicle (EV) segment. The acquisition is part of the company's global ambition to become a leader in the EV charging ecosystem, a market that is already worth USD 20 billion and is expected to exceed USD 200 billion by 2030, according to the company.

In a strategic move to bolster its presence in the EV segment, Gulf Oil Lubricants India Limited (GOLIL) announces to acquire controlling stake in Tirex Transmission Pvt Limited for Rs 103 crore subject to the completion of definitive agreements and the satisfaction of predetermined closing conditions, the company said in the statement. The investment in electric vehicle DC fast charging firm Tirex will enable the company towards a synergistic end-to-end play in the global EV charging ecosystem, Gulf Oil Lubricants said.

"This acquisition of a majority stake in Tirex aligns with our commitment to expanding our footprint in the EV landscape and make a significant play in the EV value chain," said Ravi Chawla, MD and CEO of Gulf Oil Lubricants.

According to the company, the acquisition positions it to capture a share of India's market potential worth USD 1-1.4 billion in the next 5-7 years. According to the statement, Gulf Oil Lubricants and its parent company, Gulf Oil International, have already invested in two companies: Indra Renewables and ElectreeFi.

Tirex's strong performance in the DC charger market, combined with Gulf Oil's strong brand strengths, distribution reach, and relationships with OEMs and Infra/B2B customers, lays the groundwork for a fruitful collaboration, according to Chawla.