Gulf Oil Lubricants India Limited intends to acquire an unknown minority stake in Tirex Transmission Private Limited on August 27, 2023. Gulf Oil Lubricants India Limited agreed to acquire an unknown minority stake in Tirex Transmission Private Limited on August 31, 2023. The consideration will be paid in cash INR 1.03 billion (including secondary and primary infusion) subject to closing adjustments. Tirex Transmission Private Limited reported a turnover of INR 132.6 million for FY22-23. The Board of Directors of the Company, at its meeting held on August 27, 2023, approved the acquisition. The transaction is subject to the signing of definitive agreements, completion of closing conditions precedent to be set out in the definitive agreements, statutory approvals and the satisfaction of predetermined closing conditions. The transaction is expected to be completed within 2 to 3 months.

Gulf Oil Lubricants India Limited (NSEI:GULFOILLUB) completed the acquisition of an unknown minority stake Tirex Transmission Private Limited on October 30, 2023.