Gulf Oil Targets ₹500 Crore EV Charger Business, Sets Sights on Global Expansion.

Gulf Oil Lubricants India Ltd is targeting ₹500 crore in revenue from its electric vehicle (EV) charger business over the next four to five years, as it sets its sights on a bigger share of the domestic market and expands into international territories such as South Asia and the Middle East.

The company, which entered the EV charging space two years ago through strategic acquisitions, is aiming to capture 8–10 per cent of the market. It has so far invested ₹148 crore in building this vertical, acquiring stakes in three companies — UK-based Indra Renewable Technologies (home AC chargers), a 51 per cent stake in DC fast charger maker Tirex Transmission, and a 26 per cent stake in e-mobility SaaS firm Techperspect Software.

Tirex has emerged as a key growth driver, with revenues jumping 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, MD & CEO, during a visit to the company’s Chennai facility.

HBL