Gulf Oil to invest ₹50 crore in Tirex fast-charger capacity as e-bus demand rises
Gulf Oil India plans to expand Ahmedabad-based Tirex Transmission’s DC fast-charger capacity from 1,800 to about 3,000 units, targeting e-bus and e-truck charging demand. The company also aims to lift localization to 70% from 55% and pursue exports.
What happened
Gulf Oil India will invest ₹50 crore to expand Ahmedabad-based Tirex DC fast-charger capacity to about 3,000 units, targeting India’s growing e-bus and e-truck
Key facts
- ₹50 crore planned investment
- DC fast-charger capacity to rise to around 3,000 units from 1,800
- Gulf Oil holds 65.18% stake in Tirex
- Tirex has roughly 40% of India's DC fast-charger market
- India has 67,657 public EV chargers
- India EV charger market estimated at ₹4,000 crore over four years
- Target 10% market share
- Tirex revenue rose from ₹79 crore in FY25 to over ₹100 crore in FY26
- Localization target: 70% from 55%
- India sold 2.55 million EVs in FY26, up 25% year-on-year
Why this matters
Gulf Oil is positioning Tirex as a scalable, export-capable charging platform, making fleet-charging technology, component, and distribution partnerships strategically relevant.
What to watch
- Confirmed purchase orders or framework agreements from e-bus fleets, STUs, truck operators or charge-point operators.
- Monthly/quarterly utilization of expanded charger capacity versus the 3,000-unit target.
- Progress toward 70% localization, including evidence of domestic sourcing for high-value power-electronics components.
- Tender awards and fleet-electrification mandates for buses, trucks, municipal fleets and depot charging.
- Grid-connection lead times and distribution-company policies affecting high-capacity depot installations.
- Gross-margin trends, inventory levels and receivables as production capacity rises.
- Export certification wins, first export shipments and overseas distributor partnerships.
- Competitor pricing and technology moves in high-power DC charging, including megawatt-scale truck charging.
- Add assembly, testing and component-sourcing capacity at Tirex’s Ahmedabad operations.
- Increase local sourcing of power electronics, enclosures, cables and related charger components to reach the 70% localization target.
- Pursue e-bus OEMs, state transport undertakings, depot operators, logistics fleets and highway charging developers for anchor orders.
- Build service, installation, remote-monitoring and uptime-support capabilities, as fleet buyers will prioritize charger reliability over hardware price alone.
- Use Gulf Oil’s existing automotive and commercial-fleet relationships to cross-sell charging infrastructure and maintenance contracts.
- Seek export approvals, certifications and channel partners in markets with similar commercial-vehicle electrification needs.