Gulf Oil Lubricants jumps on 51% stake in Tirex Transmission

Recently Gulf Oil Lubricants India Limited has reported in an exchange filing that the company has taken a significant step in strengthening its presence in the Electric Vehicle (EV) sector by acquiring a controlling stake of 51% in Tirex Transmission Pvt Limited. This strategic move is in line with Gulf’s global mobility strategy and its commitment to becoming a leader in the rapidly evolving EV charging ecosystem.

The acquisition, valued at approximately Rs 103 crore is subject to the fulfilment of definitive agreements and predetermined closing conditions. Tirex Transmission, a key player in the Indian EV market specializes in manufacturing DC fast chargers for electric vehicles. With a track record of deploying over 400 high-capacity EV fast chargers across the nation.

GOLIL’s investment in Tirex complements its earlier forays into the EV charging landscape. The acquisition positions Gulf Oil to capture a share of the Indian EV charging market which is projected to have a value ranging from USD 1 billion to USD 1.4 billion by 2030 as per estimates from the India Energy Storage Alliance (IESA). Additionally, the global DC Charging market presents a multi-billion-dollar opportunity and Tirex’s innovative technology roadmap positions Gulf Oil to secure a significant global market share in the coming years.

Currently, the shares of the company are trading at Rs 594, up by 1.15%. In the last three trading sessions shares of the company have moved up by around 5% from closing of Rs 566.85 on August 25, 2023. The company has a market capitalisation of around Rs 2900 crore.

Gulf Oil Lubricants India Limited a Hinduja Group Company, holds a prominent position in the lubricant market in India. With a wide range of world-class products in the automotive and industrial lubricants space, GOLIL serves both B2B and B2C segments. The company boasts tie-ups with over 25 leading OEMs, a robust direct sales network, and exports to more than 25 countries. With a strong manufacturing and R&D base in India, GOLIL is working towards offering additional mobility solutions to cater to evolving market demands.

Tirex Transmission Pvt Limited is a leading producer of a full range of DC fast EV chargers. The company has successfully deployed over 400 high-capacity EV fast chargers across various customer locations in India. Tirex’s comprehensive range of DC chargers, spanning from 30KW to 240KW, caters to a diverse clientele, including PSUs, Charge Point Operators, Automotive OEMs, and Retail.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.