Gulf Oil Lubricant jumps on 51% stake in Tirex Transmission

Shares of Gulf Oil Lubricants India Limited surged 3 percent to Rs 579 on August 29 following the company’s 51 percent controlling stake in Tirex Transmission, a manufacturer of DC fast chargers for EVs, Gulf Oil said in an exchange filing on August 28.

Tirex Transmission is a key player in manufacturing DC Fast Chargers for EVs in India. It caters to a diverse clientele, including PSUs, charge point operators (CPOs), Automotive OEMs, and retail with a range of chargers available for all vehicle types, including e-Buses.

The proposed acquisition is subject to the signing of definitive agreements, and statutory approvals from all parties, the press statement added.

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Post the approval, Tirex will become a subsidiary of Gulf Oil Lubricants.
in the press release.

As per the company, the proposed acquisition will be worth Rs 103 crore and is expected to be completed in the next 2-3 months.

The strategic acquisition becomes even more significant as it broadens Gulf’s presence in the electric vehicle (EV) value chain, with the anticipation of synergies stemming from its current operations, recent acquisitions in the EV sector, and the overall strengths of the Gulf Group.

In similar moves, Gulf India and its parent Gulf Oil International (GOI), have invested in Indra Renewables- a UK-based AC charging (slow charging) company. The company has also invested in ElectreeFi, a leading EV SaaS (software-as-a-service) player that provides charging management software (CMS) solutions for major OEMs in India.

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