Gulf Oil Lubricants India (GOLIL) has received approval for the acquisition of 51% controlling stake in Tirex Transmission (Tirex), a manufacturer of DC fast chargers for EVs. Pursuant to the purchase of the aforesaid shares on closing, Tirex will become a subsidiary of GOLIL. 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.
Cost of acquisition is Rs 103 crore (Including secondary and primary infusion) subject to closing adjustments, if any. The Board of Directors of the Company, at its meeting held on August 27, 2023, 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.
Company Name | CMP |
---|---|
Castrol India | 200.55 |
Savita Oil Tech | 552.75 |
Gulf Oil Lubricant | 1171.85 |
Gandhar Oil Refinery | 219.30 |
Panama Petrochem | 399.50 |
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