Gulf Oil Lubricants boosts stake in EV charging subsidiary Tirex Transmission

On November 5, 2025, Gulf Oil Lubricants India Limited's board of directors approved the acquisition of an additional 14.18% stake in its subsidiary, Tirex Transmission Private Limited. This acquisition involves 1,171,929 equity shares of ₹10 each at a price of ₹325 per share, totaling an investment of ₹38.09 Crores. Post-acquisition, Gulf Oil Lubricants' stake in Tirex Transmission will increase to 65.18%, translating to 5,386,584 equity shares.

Tirex Transmission, incorporated on July 13, 2021, specializes in the design, manufacture, and sale of AC & DC fast chargers for electric vehicles (E-Mobility). The acquisition is a strategic investment, undertaken in anticipation of continued growth in the E-Mobility sector, with completion expected in approximately 2-3 months.

Tirex Transmission has demonstrated strong financial growth, with its turnover increasing from ₹1,326.16 Lakhs in FY 2022-23 to ₹7,870.91 Lakhs in FY 2024-25. The company’s board highlighted the growth potential of Tirex Transmission as a key driver for this investment.