Gulf Oil Targets ₹500 Cr EV Charger Revenue with Global Expansion

Gulf Oil Lubricants India Ltd is aiming to generate ₹500 crore in revenue from its electric vehicle (EV) charger business over the next four to five years, as it looks to strengthen its presence in the domestic market and expand into international regions including South Asia and the Middle East.

Since entering the EV charging segment two years ago through a series of strategic acquisitions, the company has invested ₹148 crore in the vertical. This includes acquiring stakes in three companies: UK-based Indra Renewable Technologies (specializing in home AC chargers), a 51% stake in DC fast charger manufacturer Tirex Transmission, and a 26% stake in e-mobility SaaS provider Techperspect Software.

Tirex Transmission has been a significant growth catalyst, with its revenue increasing from ₹12 crore at the time of acquisition to ₹75 crore in FY24.

“We’re targeting ₹500 crore in 4–5 years, with 8–10 per cent market share and strong export potential,” said Ravi Chawla, Managing Director & CEO, during a visit to the company’s Chennai facility.

News by Rahul Yelligetti.