Electric Vehicles

Gulf Oil India Acquires Stake in EV Tech
© Gulf Oil Lubricants India

Gulf Oil India Acquires Stake in EV Tech

By Simon Johns - Aug 29, 2023

Gulf Oil Lubricants India Ltd. announced the acquisition of a controlling stake of electric vehicle charging equipment company Tirex Transmission Pvt Ltd. U.S. $12.46 million, subject to completion, the company said in a press release.

India’s government laid out ambitious electrification targets in 2021. It’s aiming of 30% of private cars, 70% of commercial vehicles and 80% of two and three wheelers sold in the country by 2030. At present, there are fewer than 2,000 charging points across the country.

Gulf Oil already bought into the U.K.-based slow charging company Indra Renewables. Indra Renewables has an 8% share of the U.K.’s home charging market. The Indian lube maker also invested in ElectreeFi, an electric vehicle software as service provider for major original equipment manufacturers in India. 

Gulf Oil India is one of the country’s major lubricant blenders and fuel retailers.

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