Gulf Oil Lubricants India Limited (GOLIL) on Monday said it will acquire a controlling 51 per cent stake in Tirex Transmission Private Limited (Tirex), a manufacturer of DC fast chargers for EVs. The decision was officially approved during the Board of Directors’ meeting held on 27 August 2023.
Tirex, a private company based in Ahmedabad, India, specialises in the design and production of DC fast chargers, a crucial component of the EV infrastructure. The company, incorporated on 13 July 2021, has quickly made its mark in the industry. Its noteworthy financial performance includes a turnover of Rs 794 lakh in the fiscal year 2021-22, which significantly surged to Rs 1326 lakh in the following fiscal year.
The acquisition is poised to mark a significant turning point for both GOLIL and Tirex. Under the terms of the deal, GOLIL will acquire the controlling stake for an estimated Rs 103 crore, which includes secondary and primary infusion. This transaction is anticipated to be finalized within the next 2-3 months, pending necessary regulatory approvals.
Upon the completion of the acquisition, Tirex will be integrated into GOLIL’s operations as a subsidiary. This strategic move not only aligns with GOLIL’s expansion strategy but also presents a remarkable opportunity to penetrate the rapidly evolving DC charger market for EVs. The move holds the potential to open doors for GOLIL in both the Indian and international markets.
In a regulatory filing on BSE, GOLIL mentioned that this acquisition will allow it to participate in the fast-evolving category of DC chargers and open vast expansion space for the company in the Indian and overseas markets.
It’s worth noting that none of the promoters, promoter groups, or group companies affiliated with Gulf Oil Lubricants India Limited currently hold any interest in Tirex, ensuring a distinct separation between the two entities.