Gulf Oil Boosts Stake In UK’s Indra, Expands EV Charger Production In India

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Following a global study, the lubricant maker is escalating investments in the EV-centric auto sector, starting with a recent INR 103 crore investment in Tirex Transmission, with more similar investments anticipated soon.

In response to the automotive industry’s shift towards electric vehicles (EVs), lubricant producers are rethinking their growth strategies. Gulf Oil, a Hinduja Group enterprise, is focusing on sustainable business investments, prioritising EV ecosystem integration, backed by an INR 600-crore surplus.

Over the last couple of years, Gulf Oil has strategically invested in this sector, acquiring a dominant stake in DC charger manufacturer, Tirex Transmission, with an investment of INR 103 crore. This followed an increased share in Indra Renewable Technologies in 2021 and a substantial investment in Techperspect, a SaaS provider specialising in IoT-based e-mobility solutions. New ventures, including entering the two-wheeler segment, are in progress.

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UK’s Indra, known for its AC chargers, is helping Gulf Oil gain a foothold in the booming EV charging market, projected to be worth USD 200 billion globally by 2030. Gulf Oil aims to capitalize on the expected demand for one million chargers in India by 2030, producing both AC and DC chargers, including a Gulf-branded line.

To cater to the Indian market more effectively, Gulf Oil plans to manufacture high-quality chargers locally, adapting the technology to suit local needs and affordability factors. The company, a significant player in the UK with over 20,000 chargers installed, aims to modify the products for the Indian market.

Looking ahead, Gulf Oil seeks to expand its presence in the EV sector further. Potential initiatives include establishing a two-wheeler charging network or a battery swapping service, leveraging its extensive market reach and existing OEM relationships. The focus is on future-proofing their business, understanding that initial revenue streams may be modest.

The company intends to use its considerable network of 80,000 touchpoints in India to make significant inroads into the EV sector. Having ventured into the two-wheeler battery business about seven years ago, they plan to build on this experience to develop services for electric two-wheelers, aiming to lead in the emerging EV fluids segment.

To fund future growth, Gulf Oil plans to allocate a substantial portion of its INR 600-crore surplus cash, balancing between rewarding investors and fostering new investments.

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