Gulf Oil Lubricants, part of the Hinduja Group, has acquired 7.85 percent stake in Indra Renewable Technologies, a UK-based start-up developing EV charging and energy storage solutions for home and commercial use.

The acquisition which has been made for GBP 1.5 million (approximately Rs 15 crore)  is expected to get completed in next 2-3 months. This is as per the regulatory filing by the company. 

Indra Tech's turnover in 2018 stood at £1.4 million (Rs 14.67 crore)  which increased to £ 4.4 million (Rs 44.21 crore)  in 2019 before sliding to £2 million (Rs 20.96 crore)  2020. Indra's key customers include Nissan and OVO Energy. 

Growth rebounds
Gulf Oil India  reported 14 percent YoY growth during the quarter ending Q3FY2021. The company claims the growth is across segments. Volumes grew by 16 percent YoY in Q3FY2021 to 33,000kl as end-user markets improved further. Segment wise breakup of the sales indicate 37 percent share from diesel engine oils, 24 percent from personal mobility, 15 percent from industrial while rest contributed 24 percent. Gulf Oil's current capacity currently stands around 1,40,000kl, which the company management believes is enough for next couple of years.

The road ahead
Gulf Oil has positioned itself between premium-priced Castrol and low-priced PSU offerings and evolved to be one of the top three private lubricant companies in the bazaar segment in India. As per an analysis by Edelweiss Research, the company's market share in the profitable automotive bazaar segment has grown from 4.4 percent in FY2007 to 8 percent currently with volume outperformance to the industry led by gaining share in two-wheeler and price sensitive CVs. The next leg of growth will be led by PVs within the personal mobility segment. Sharpening brands with FMCG-like ad spends at 6-7 percent of sales, new OEM tie ups, distribution expansion will help in propelling market share.