Gulf Oil, part of the Hinduja Group, has significantly strengthened its position in the electric vehicle charging infrastructure space with a deeper investment in Tirex Transmission, a leading manufacturer of DC fast chargers. The move underscores Gulf Oil’s strategic shift beyond its traditional lubricants business toward a future-ready e-mobility ecosystem play.
In a board meeting held late last year, GOLIL approved the acquisition of an additional 14.18% stake in Tirex Transmission for approximately ₹38 crore (roughly USD 4.5 million), bringing its total ownership to 65.18%. This enhanced stake gives Gulf Oil greater control over the company’s strategic and operational roadmap as demand for EV charging infrastructure surges across India.
Tirex Transmission is recognised for its range of DC fast chargers, which are crucial for high-speed EV charging solutions deployed in public locations, fleet depots and highways. The company’s chargers span from lower-capacity 30 kW units to robust 360 kW systems, catering to a wide spectrum of vehicles including electric buses and commercial fleets. Gulf Oil’s expansion of ownership aims to rapidly scale production and deployment to meet the accelerating electrification of transport.
Since Gulf Oil’s initial acquisition of a controlling interest in Tirex in 2023, the business has posted strong growth. Revenue from the EV charging segment has risen sharply, supported by expanding deployments and new client wins among major commercial operators and original equipment manufacturers. Gulf Oil leadership has articulated ambitious revenue targets, with plans to grow the EV charging arm into a ₹400–500 crore business within the next five years.
Industry analysts note that India’s EV charging market is expected to grow rapidly as government policy and private sector investment intensify efforts to build out infrastructure. With public chargers still limited compared to the number of EVs on the road, companies like Tirex — backed by strong partners such as Gulf Oil — are well positioned to capture significant market share by offering both hardware and integrated charging solutions.
The strategic expansion also dovetails with Gulf Oil’s broader e-mobility agenda, which includes investments in AC charging technology and EV software platforms to provide end-to-end solutions for electric mobility. This integrated approach aims not only to support rapid charging growth domestically but also to establish an export-ready platform for global expansion in the evolving EV ecosystem.
