Invests in Indra Renewable Technologies to explore opportunities in Charging Space in India
Gulf Oil Lubricants India Ltd (GOLIL), part of the Hinduja Group, has entered into an agreement with Gulf Oil International (GOI) to participate and co-invest in GOI’s recent investment along with the Clean Growth Fund (CGF) in IndraRenewable Technologies, a UK Based Electric vehicle (EV) and smart energy technology company developing innovative 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.
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.
Ravi Chawla, MD & CEO – Gulf Oil Lubricants India Limited remarked: “With the evolving EV Space in India, where charging options will become an important decision criterion, we are excited about this association. As we continue to evolve our strategy in this space, 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 in this space”.
The charging station market, as per estimates, is expected to have a good potential in coming years, wherein around 50-60% is expected to be in Residential Charging solutions which is where Indra is positioned to play.