Gulf Oil Lubricants approves acquiring 51% stake in Tirex Transmission for Rs 103 crore

Gulf Oil Lubricants stated via an exchange notification that has approved the acquisition of a 51% stake in Tirex Transmission, an Ahmedabad-based manufacturer of DC fast chargers for electric vehicles, for Rs 103 crore.

Tirex Transmission has deployed over 400 high-capacity EV fast chargers across the country and has a comprehensive range of DC chargers, spanning from 30KW to 240KW, and reported a turnover of Rs 1326 lakh in FY 2022-23. 

The company caters to PSUs, Charge Point Operators (CPOs), Automotive OEMs, and Retail with range of chargers available for all vehicles types, including e-Buses.

The indicative time period for the proposed acquisition, subject to the signing of definitive agreements and completion of closing conditions, is two to three months. 

Ravi Chawla, MD & CEO of Gulf Oil Lubricants India said, "This acquisition of majority stake in Tirex aligns with our commitment to expanding our footprint in the EV landscape. Tirex's strong performance in the DC charger market, combined with Gulf Oil's robust brand strengths, distribution reach, and relationships with OEMs & Infra/B2B customers, sets the stage for a synergistic partnership." 

Arth Patel, CEO of Tirex, stated, "Aligning with a global powerhouse like the Hinduja Group heralds a transformative chapter for Tirex. As we continue our journey in the rapidly evolving EV charger space, this collaboration will undoubtedly amplify our growth trajectory and technological advancements, fortified by Gulf Oil's financial strengths, extensive reach and business expertise."

The capital infusion into Tirex has been earmarked for R&D initiatives and scaling up production capacities and extending the service network. 

Gulf Oil's acquisition of Tirex accentuates its holistic approach to the EV charging ecosystem, dovetailing seamlessly with its prior investments in the Slow Chargers sector as this completes the portfolio of Slow AC chargers and DC fast chargers within Gulf globally