Gulf Oil Lubricants India, part of the Hinduja Group, has deepened its commitment to the electric vehicle (EV) infrastructure segment by increasing its stake in Tirex Transmission, its high-speed fast-charger subsidiary, by 14%, taking its total ownership to 65%. This strategic move underscores Gulf Oil’s focus on building a comprehensive EV charging ecosystem, targeting scalable solutions for fleet operators, highway corridors, and retail applications across India.
Tirex, a leading manufacturer of direct-current (DC) fast chargers, reported a revenue of ₹42 crore in the first half of the current fiscal year, marking a 75% increase over the same period last year. The growth was driven by expansion with existing customers and new wins from major commercial vehicle operators and automakers. Gulf Oil initially acquired control of Tirex in 2023 for approximately ₹103 crore, when the unit’s turnover was ₹12 crore.
Ravi Chawla, MD and CEO of Gulf Oil Lubricants India, said, “Our ambition is to generate ₹400–500 crore in revenue from the EV charger business over the next four to five years, representing about 8–10% of India’s projected DC fast charger market. This includes growth in both DC and AC chargers and the development of products for global markets. Our strategy is to double revenue annually, reflecting the potential of the EV infrastructure ecosystem.”
The company’s approach integrates hardware, software, and energy management capabilities. In addition to Tirex, Gulf Oil has investments in Indra Renewables (7.5% stake), a UK-based AC charger and home-charging solutions manufacturer, and Techperspect Software Pvt Ltd (26% stake via its ElectreeFi platform), which provides fleet-management and mobile application solutions.
Tirex currently serves roughly one-third of India’s electric buses and has deployed over 4,500 high-capacity fast chargers nationwide. Its portfolio spans from 30 kW chargers for smaller vehicles to 360 kW chargers for long-haul commercial fleets. Recent wins include AC chargers for MG Motors and VinFast, alongside a memorandum of understanding with the Government of Gujarat to establish a large-scale EV fast-charger manufacturing facility.
The strategic deepening by Gulf Oil reflects the company’s vision of creating a bundled EV charging ecosystem, combining fast-charging hardware, home chargers, and cloud-based fleet management, aligning with India’s expanding EV infrastructure and sustainable mobility goals. The initiative is expected to accelerate EV adoption, strengthen Gulf Oil’s market position, and contribute to the broader clean mobility transition in the country.
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