Gulf Oil Lubricants to co-invest in UK-based EV charger company
Chennai: Hinduja Group company Gulf Oil Lubricants India has entered into an agreement with Gulf Oil International to participate and co-invest in Indra Renewable Technologies. Gulf Oil International (GOI) is investing in this company along with the Clean Growth Fund (CGF). Indra Renewable Technologies is a UK based electric vehicle and smart energy technology company developing charging and energy storage solutions for home and commercial use.
“With this investment, Gulf India will get access to an established technology in EV charging space to adopt the same for Indian conditions and leverage its wide distribution and brand strengths to extend Gulf Branded residential and commercial charging points as per the evolving needs of Indian consumers,” said the company statement. Gulf India will become a shareholder with GOI and CGF in Indra, alongside OVO Group, which had provided seed capital and technical support to Indra via Kaluza, its technology business.
“We will look at opportunities where we can leverage and synergise the Indra technology with our brand, distribution, OEM/ infra-B2B customer relationships in India, to cater for the future market and consumer requirements,” said Ravi Chawla, MD & CEO, Gulf Oil Lubricants India.
