Gulf Oil Lubricants, a prominent player in the automotive industry, has recently announced its approval for the acquisition of a 51% stake in Tirex Transmission, an Ahmedabad-based manufacturer specializing in DC fast chargers for electric vehicles (EVs). The acquisition is valued at INR 103 crore, signaling Gulf Oil’s strategic move to strengthen its presence in the rapidly growing EV market.
Tirex Transmission has demonstrated its commitment to the EV charging infrastructure by deploying more than 400 high-capacity EV fast chargers across India. The company boasts a diverse range of DC chargers, ranging from 30KW to 240KW, catering to various vehicle types, including electric buses. In the fiscal year 2022-23, Tirex Transmission achieved a turnover of INR 1326 lakh, showcasing its steady growth trajectory.
Diverse Customer Base and Offerings
The company serves a broad spectrum of clients, including public sector undertakings (PSUs), Charge Point Operators (CPOs), Automotive OEMs, and Retail. With an array of charging solutions tailored for different vehicle categories, Tirex Transmission has positioned itself as a comprehensive EV charging provider.
Path to Completion and Prospects
Subject to the finalization of definitive agreements and the fulfillment of closing conditions, the acquisition process is anticipated to be concluded within two to three months. Gulf Oil’s MD & CEO, Ravi Chawla, highlighted the alignment of this acquisition with the company’s overarching strategy of expanding its presence in the EV landscape. The collaboration aims to leverage Gulf Oil’s strong brand presence, distribution network, and relationships with OEMs and infrastructure partners to forge a mutually beneficial partnership.
Transformative Potential
Arth Patel, CEO of Tirex Transmission, expressed enthusiasm about the collaboration with Gulf Oil, a globally recognized conglomerate. Patel believes that this collaboration marks a pivotal juncture in Tirex’s journey within the dynamic EV charger space. The partnership is poised to propel technological advancements and amplify growth prospects, bolstered by Gulf Oil’s financial strength and business acumen.
Fueling Growth and Innovation
The capital infusion resulting from the acquisition will be strategically allocated to fuel research and development initiatives, expand production capacities, and enhance the service network. The investment underscores Gulf Oil’s dedication to nurturing innovation within the EV charging realm.
A Comprehensive Charging Portfolio
Gulf Oil’s acquisition of Tirex Transmission serves as a testament to the company’s comprehensive approach to the EV charging ecosystem. This acquisition seamlessly complements Gulf Oil’s prior investments in the Slow Chargers sector, creating a harmonious blend of Slow AC chargers and DC fast chargers within its global portfolio.
As the EV landscape continues to evolve, Gulf Oil Lubricants’ strategic move to acquire a majority stake in Tirex Transmission positions the company to play an instrumental role in shaping the future of sustainable mobility.