Mumbai: Gulf Oil Lubricants is on a lookout for more acquisitions in India and globally within the charging EV ecosystem as it seeks to strengthen its presence in the electric mobility segment where it’s a new entrant. This is even as the company plans to continue to focus on its core lube business. The Hinduja Group company announced acquiring a controlling stake in Tirex Transmission for Rs 103 crore on Monday. This is part of Gulf’s global ambition towards being a leader in the EV charging ecosystem, a market which is already valued at $20 Bn currently and expected to cross $200 Bn by 2030, it said. India had 26,700 EV chargers at the end of 2022 and wants to scale the number up to 365,000.
