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Gulf Oil Lubricant increases its stake in Tirex Transmission to 51%

Aug 29, 2023

By: BlinkX Research Team

In an exchange filing on August 28, Gulf Oil Lubricants India Limited stated that its controlling share in Tirex Transmission, a producer of DC fast chargers for EVs, increased to 51%.

In India, a major producer of DC Fast Chargers for EVs is Tirex Transmission. With a variety of chargers accessible for all vehicle types, including e-Buses, it serves a wide range of clients, including PSUs, charge point operators (CPOs), Automotive OEMs, and retail.

The press release further stated that all parties' statutory approvals and the signing of definitive agreements are required before the proposed transaction may proceed.

According to the press release, Tirex will become part of Gulf Oil Lubricants after receiving approval.

The proposed acquisition, according to the company, will amount to Rs 103 crore and will be completed in the following two to three months.

With the expectation of synergies resulting from its present operations, previous acquisitions in the EV sector, and the overall strengths of the Gulf Group, the strategic acquisition becomes even greater significant as it increases Gulf's footprint throughout the electric vehicle (EV) value chain.

Source: Media Reports