Gulf Oil Lubricants India is aggressively pursuing localization in the EV charging segment, having already achieved approximately 55% localization and targeting further increases, according to MD and CEO Ravi Chawla at the India EV Conclave.
Speaking at a panel on building the EV value chain at Autocar Professional‘s event at Hyatt Regency Delhi, Chawla outlined Gulf Oil’s multi-pronged strategy in the e-mobility space. “We got into chargers and software for charging. Localization is the agenda. Currently we have reached about 55% localization in these segments and as we move ahead, it will increase further,” he said.
The company is also working closely with Tirex, its subsidiary. “We are testing capabilities with Tirex, looking into servicing of chargers, conducting R&D, and identifying opportunities for localization,” Chawla revealed.
Gulf Oil is working on reducing the cost of its Indra brand of electric four-wheeler chargers through localization and assembly to make it affordable for the Indian market, aiming to lower costs from around Rs 60,000-70,000 to approximately Rs 30,000-40,000 – a price reduction of nearly 50% that could significantly accelerate adoption.
The company’s journey into e-mobility began strategically. In 2021, Gulf Oil acquired a 7.85% equity stake in Indra Renewable Technologies, a British startup that develops energy storage and EV charging solutions, for GBP 1.5 million (approximately Rs 15 crore), marking its first move into the e-mobility segment.
Subsequently, Gulf Oil established Tirex Chargers as a subsidiary, which specializes in delivering high-quality EV charging solutions with a diverse range of EV AC and DC chargers, spanning from 3 kW to 240 kW.
Gulf Oil International, the London-headquartered Hinduja group firm, plans to invest $80 million in the EV business over the next three years, with $20 million allocated for India and $60 million globally, positioning India as the “center of excellence” for its EV charging business and a manufacturing and export hub.
Gulf Oil International intends to export made-in-India chargers to Europe and then to 100 countries worldwide where it has a presence, turning India into a global manufacturing base for EV charging equipment. Gulf Oil is focused on localizing some components, as the industry still relies on imports for many key parts.
Chawla emphasized that localization will “not only help in reducing the product costs but also protect it from external headwinds, like the ones faced by the auto industry in the past couple of years due to pandemic and geopolitical issues.”
Gulf Oil’s strong brand recognition among consumers, established partnerships with automakers, and extensive network of approximately 10,000 outlets nationwide position it uniquely to leverage the EV infrastructure opportunity.
Tirex Chargers has received awards for ‘Outstanding Charging Solution for EVs’ and ‘Innovative eMobility Team of the Year’ at the EMobility+ State Summit Maharashtra 2024, validating its technology and approach.
The aggressive localization strategy comes as India requires installation of more than 400,000 chargers annually with a total of 1.32 million chargers by 2030 to achieve a ratio of 1:40 charging infrastructure to EVs, creating enormous market opportunity for companies like Gulf Oil that can deliver cost-effective, localized solutions.