Gulf Oil Lubricants To Acquire 51% Stake In Tirex For $12.5 Mln

Gulf Oil Lubricants India Ltd. will acquire a 51% stake in Tirex Transmission Private Ltd. for 103 crore rupees ($12.50 million) in cash to bolster its presence in the electric vehicles (EVs) segment.

The investment in Tirex, which is a manufacturer of DC fast chargers for EVs, will enable the lubricants maker toward a synergistic end-to-end play in the global EV charging ecosystem, the Hinduja Group company said in a stock exchange announcement.

The Mumbai-based company said the latest development marks the third significant investment in EV charging, in line with its Global Mobility strategy. The deal positions Gulf Oil Lubricants to capture a share of India’s market potential estimated at $1 billion to USD 1.4 billion in five to seven years, it added.

Gulf Oil Lubricants said the capital infusion into Tirex is earmarked primarily for invigorating research and development initiatives as well as 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, it noted.

Tirex has a track record of deploying over 400 high-capacity EV fast chargers across the country, according to the statement. The company, whose comprehensive range of DC chargers span from 30KW to 240KW, caters to a diverse clientele, including public sector undertakings, charge point operators, automotive OEMs, and retail with range of chargers available for all vehicles types, including e-buses.

The transaction, likely to be completed within three months, is subject to the completion of definitive agreements and the satisfaction of pre-determined closing conditions.

Note: $1 = 82.5307 Indian rupees

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