Gulf Oil Lubricants to Acquire Majority Stake in Tirex Transmission Worth INR 103 Crores
After the completion of the acquisition, Tirex will be consolidated into GOLIL's operations as a subsidiary. This strategic step is not only in line with GOLIL's expansion move but also gives a remarkable opportunity to penetrate the emerging DC charger market for EVs.
August 28, 2023. By EI News Network
This acquisition is to mark a significant milestone for both GOLIL and Tirex.
Under the terms and conditions of the deal, GOLIL will acquire the majority stake for an assessed worth of INR 103 crore, which comprises secondary and primary infusions.
After the completion of the acquisition, Tirex will be consolidated into GOLIL's operations as a subsidiary. This strategic step is not only in line with GOLIL's expansion move but also gives a remarkable opportunity to penetrate the emerging DC charger market for EVs.
It's worth observing that none of the promoters, promoter groups, or group companies associated with Gulf Oil Lubricants India Limited presently encompass any interest in Tirex, ascertaining a distinct segregation between the two companies.
Tirex deals in the design and production of DC fast chargers, a pivotal component of the EV infrastructure.
Tirex Transmission was founded on 13 July 2021. Its noteworthy fiscal performance comprises a turnover of INR 794 lakh in the fiscal year 2021-22, which significantly surpassed INR 1326 lakh in the forthcoming financial year.
Gulf Oil Lubricants, part of Hinduja Group, is a firm in the Indian lubricant market. It produces and supplies a wide range of automotive and industrial lubricants, greases, 2-wheeler batteries, etc.
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