Gulf Oil Lubricants scouting for more acquisitions in the EV charging infra space
Gulf Oil Lubricants is on a lookout for more acquisitions in India and globally within the charging EV ecosystem as it seeks to strengthen its presence in the electric mobility segment where it’s a new entrant. This is even as the company plans to continue to focus on its core lube business. The Hinduja Group company announced acquiring a controlling stake in Tirex Transmission for Rs 103 crore on Monday.
This is part of Gulf’s global ambition towards being a leader in the EV charging ecosystem, a market which is already valued at $20 Bn currently and expected to cross $200 Bn by 2030, it said. India had 26,700 EV chargers at the end of 2022 and wants to scale the number up to 365,000.
“This is a starting point of the journey. We would like to make more such acquisitions in areas we can win,” Ravi Chawla, MD & CEO of Gulf Oil Lubricants India, told ET.
For instance, in India the company is looking at more acquisitions in the EV charging infra space in the two-wheeler segment. This could be in battery swapping, he pointed out. The acquisition of Tirex – a third in the mobility space, is in line with the company’s broader plan to expand its footprint in the EV landscape and make a significant play in the EV value chain.
Gulf Oil Lubricants has invested in Indra Renewables- a UK based AC charging (slow charging) company with a ~8% share of the UK home charging market.
