New Delhi, Feb 12 (IANS): 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 Government of India's recent investment along with the Clean Growth Fund (CGF) in Indra Renewable Technologies.
Indra Renewable is a UK-based electric vehicle (EV) 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.
Gulf India will become a shareholder with Government of India and CGF in Indra, alongside OVO Group, which has provided seed capital and technical support to Indra via Kaluza, its technology business.
"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," said Ravi Chawla, MD & CEO -- Gulf Oil Lubricants India Ltd.
The charging station market, as per estimates, is expected to have a good potential in coming years, wherein around 50-60 per cent is expected to be in residential charging solutions which is where Indra is positioned to play.
The prime focus for Gulf India would be passenger car and light commercial vehicle residential charging segment with Indra's Smart Chargers while it evaluates opportunities in the two wheeler segment.
The market is also expected to disrupt with new technologies such as V2G (Vehicle to Grid) chargers which are already developed by Indra and could support the power requirements of individual homes as a backup and also offer huge opportunities to form partnerships with potential microgrid solution providers in the future. Indra's home grown R&D and technology and OEM approvals will be critical success factors in this endeavour.