Gulf Oil Lubricants India is looking to purchase intelligent grid technology businesses and charge point operators (CPOs). Top executives claim that this action is a component of their plan to take the lead in the ecosystem for charging electric vehicles.
Gulf Oil International, a Hinduja group firm with headquarters in London, is focused on the full value chain, from manufacturing to research and development to technology, as stressed by CEO Mike Jones. The company intends to grow after starting to produce EV chargers. In an interview, Jones expressed their desire for the Gulf to endure for a another century.
By enabling two-way communication, intelligent grid technology combines hardware chargers and software to improve the efficiency of electrical networks. Using digital technologies, sensors, and software to better match electrical supply and demand in real-time, this technology enables automobiles to transfer energy to several recipients.
Jones emphasized that India’s lubricant market is growing at a rate that is two to three times faster than the rest of the world. Gulf Oil has the financial means to make significant investments in the EV infrastructure sector and strengthen its R&D capacities because its main lubricant business is doing well in India, which is also its largest market worldwide.
The company intends to dedicate a third of its $80 million cumulative investment over the last three years—$20 million in India and the remaining amount worldwide—to its electric vehicle business. The Indian subsidiary will function as a hub for production and exports as well as the “center of excellence” for Gulf Oil International’s EV charging division. In the next six to eight months, Gulf hopes to ship chargers built in India to 100 of the nations in which it conducts business, beginning with Europe.
Gulf Oil Lubricants’ managing director, Ravi Chawla, stated that the company’s decision to enter the EV infrastructure market was a sensible one given its strong network of 10,000 outlets, consistent partnerships with manufacturers, and high level of consumer brand recognition.
Gulf Oil has made large investments, such as purchasing a 51% majority in Tirex in August 2023, Indra Renewable, a UK-based AC charging company that holds an approximate 8% market share in the UK for home charging, and ElectreeFi. This EV SaaS provider offers Indian automakers charging management software services.
Gulf Oil India’s chief financial officer, Manish Gangwal, stated that the company anticipates its turnover from the charging business to double yearly less than a year after purchasing a stake in Tirex, growing to an INR 500-INR 700 crore business over the following 5 to 7 years. It is anticipated that the charging company will generate twice as much revenue, reaching INR 25 crore in FY24 and INR 50 crore in FY25. According to Gangwal, Gulf aims to meet every demand, including business-to-business requirements as well as plug-in at home, destination charging, and residential charging.
Gangwal believes that the government’s goal of electrifying all buses presents a substantial opportunity for the industry. It is anticipated that by the end of this decade, 800,000 of the 2.4 million buses currently operating on Indian roadways would be electric. There could be a market for 200,000 fast chargers in this market alone, assuming that each of the four buses will need one
