Lubricant maker Gulf Oil India Ltd is planning to invest ₹50 crore to nearly double capacity at its Ahmedabad electric vehicle (EV) charger manufacturing facility to around 3,000 DC fast chargers from 1,800, managing director and chief executive, Ravi Chawla, told Mint in an interview.

The expansion plan comes as India’s e-bus market gains momentum. The world’s third-largest e-bus market recorded sales of 5,356 units in 2025-26, up 37% year-on-year.'

Gulf Oil makes EV chargers in India through its stake in Ahmedabad-based charger maker Tirex Transmission Pvt. Ltd. The lubricant maker first invested ₹103 crore in Tirex in FY24 to acquire a controlling 51% stake, followed by another ₹38 crore investment in FY26 that raised its stake to 65.18%.

“We have the capacity to make close to 1,500-2,000 chargers. This also we are going to enhance. We are making an investment of ₹50 crore in the expansion to a new plant in Ahmedabad," said Chawla.

The expansion will initially target doubling manufacturing capacity, Chawla said, adding that the company’s Ahmedabad plant was designed to allow gradual further scaling up of production.

Gulf Oil, through Tirex, has roughly 40% of India’s DC fast-charger market, Chawla said. India has 67,657 public EV chargers, according to state-run Bharat Heavy Electricals Ltd (BHEL), the nodal agency for EV charging infrastructure under the Centre’s ₹11,900-crore PM E-Drive scheme.

Of these, only 534 (0.7%) have a capacity of 121-240 kilowatts, while just nine (0.01%) have a capacity above 240kW, according to BHEL’s dashboard.

The company estimates India’s EV charger market will be worth about ₹4,000 crore over the next four years and aims to capture a 10% share. The AC and DC charger markets are expected to account for ₹2,000 crore each, with Tirex targeting sales of ₹300-400 crore over the period, Chawla said.

AC chargers typically range from 3.3kW to 22kW and are suited to slower charging at homes, workplaces and public parking spaces. DC chargers generally start at around 15kW and can exceed 350kW, enabling much faster charging. They are mainly used for public fast-charging applications such as highways, commercial fleets and buses.

Tirex Transmission’s revenue has risen from ₹79 crore in FY25 to over ₹100 crore in FY26, said Chawla, at a time when Gulf Oil is also aiming to increase its localization and domestic value addition to 70% from the current 55%.

However, according to Chawla, the company is importing some Chinese components for EV chargers because they are cost-competitive due to the country’s manufacturing scale. “...the adapters and all come from there. Because we are also trying to localize some power electronics and all here. So I think once we have a certain scale, India will become viable. But at this stage, yeah, this is where we are,” he said.

The company is aiming to export Tirex-made chargers, said Chawla, adding that India, like China, can develop capacities to build localized EV chargers and export them, backed by product certifications.

The growth of India’s EV charging network comes as electric mobility gains ground and the government pushes for intercity e-bus travel and a shift from diesel to electric trucks for freight and cargo transport.

In FY26, India recorded sales of 2.55 million EVs, 25% higher than the previous fiscal year, taking EV adoption to 8.5% from 7.7%, according to the government’s VAHAN registry of new vehicle sales.

"As energy sources, especially in transportation, have diversified over the years, many oil and gas companies have also followed suit, in India and across the globe. Further investments in charging infrastructure will only support the rollout of electric bus and truck chargers by increasing India's capacity, and also assist in localising the value chain gradually," said Amit Bhatt, India managing director of the global think tank International Council on Clean Transportation (ICCT).

The ministry of heavy industries, the nodal ministry for EV policy in the country, is working on a new scheme to provide e-bus operators with financing support to procure more e-buses to operate on intercity routes, the ministry said in April 2026. The scheme will also include e-trucks, the ministry said.

Charging infrastructure, consisting of fast chargers with capacities exceeding 240kW, is crucial for e-buses and e-trucks because these vehicles must operate with minimal downtime to generate value and ensure returns on investment, since e-buses and e-trucks cost roughly 2-3 times that of their diesel counterparts.