Hinduja Group company Gulf Oil Lubricants on Monday announced that it has acquired a controlling stake in EV charger maker Tirex Transmission for Rs 103 crore.
The move is expected to bolster the company’s presence in the electric vehicle segment.
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The acquisition is a part of the company’s global ambition towards becoming a leader in the EV charging ecosystem, a market which is already valued at $20 billion and expected to cross $200-billion by 2030, it stated.
The company said the acquisition positions it to capture a share of India market potential valued at $1-1.4 billion in 5-7 years. Gulf Oil Lubricants and its parent Gulf Oil International have already invested in two firms — Indra Renewables and ElectreeFi.
PTI
