Gulf Oil Lubricants India (GOLIL) has completed the acquisition of 51% controlling stake in Tirex Transmission (Tirex), a manufacturer of DC fast chargers for EVs and consequently Tirex has become a Subsidiary of the Company with effect from October 30, 2023. This acquisition expands Gulf Oil play in EV value chain with synergies expected from existing business, recent acquisitions already done in EV space by Gulf and Group strengths. On August 27, 2023, the board of directors at its meeting approved the same.
Gulf Oil Lubricants, part of Hinduja Group, is an established player in Indian lubricant market. It markets a wide range of automotive and industrial lubricants, greases, 2-wheeler batteries, etc.
