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Ravi Chawla, MD & CEO, Gulf Oil Lubricants India Ltd
Gulf Oil Lubricants India Ltd is looking to scale its EV charger business to ₹500 crore in revenue over the next 4-5 years. Having entered the segment through acquisitions two years ago, the company is targeting an 8-10 per cent market share and exploring exports to South Asia and the Middle East.
It has made three key acquisitions in this space — UK-based Indra Renewable Technologies (slow home AC chargers), a 51 per cent stake in Tirex Transmission (DC fast chargers), and a 26 per cent stake in Techperspect Software (e-mobility SaaS). The company has invested ₹148 crore in building out this vertical. Tirex has emerged as the key growth engine, with revenue surging from ₹12 crore at the time of acquisition to around ₹75 crore in FY24.
“We’re targeting ₹500 crore in 4–5 years, with 8-10 per cent market share and strong export potential,” Ravi Chawla, MD & CEO, told businessline at the company’s Chennai facility.
Tirex focuses on five core segments: Public Sector Undertakings (PSUs), buses, Charge Point Operators (CPOs), retail clients such as L&T, and exports. The company has deployed over 1,800 high-capacity DC fast chargers —manufactured in Ahmedabad — across India, with capacities ranging from 30 kW to 240 kW. The business model covers both deployment and ongoing service and maintenance.
Chawla also highlighted EV fluids as a natural extension of Gulf’s lubricants portfolio. The company offers a global range of EV-specific fluids — transmission, brake, coolant, and grease — and is enhancing formulations to suit hybrid vehicles.
“We’re collaborating with additive tech firms to develop next-gen solutions,” Chawla said. Gulf Oil currently supplies to about 10 OEMs and component makers, and aims for a top-three spot in the EV fluids segment, with a strong focus on passenger vehicles, two-wheelers, and three-wheelers — including work with Piaggio.
Published on April 11, 2025
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