Gulf Oil International Limited increases its stake in Indra Renewable Technologies, securing the lead investment position
08 Mar 2023
Following an initial investment in January 2021 in Indra Renewable Technologies, Gulf Oil International Limited, part of the Hinduja Group, has increased its equity stake in Indra during the process of a Series B fundraising. Gulf Oil International Limited has become the biggest investor in Indra, confirming its commitment to have an important role in the company’s future and the electrification agenda.
Indra, founded in 2013, manufacturers a range of smart energy products, including its market-leading electric vehicle Smart Charger and a bi-directional ‘Vehicle to Grid’ (V2G) charger designed for both residential and light commercial use.
Camille Nehme, VP Strategy and Transformation of Gulf Oil International Limited said: “Gulf is delighted to grow its equity in Indra, further supporting the smart charging and the bi-directional charging ecosystem which will play a crucial role to support the grid demand going forward.”
Gulf continues to invest in the e-mobility/electric vehicles sector in key markets across the world. As part of its transformation strategy, Gulf offers sustainable mobility solutions to consumers that focus on reducing the emission footprint through partnering with companies and making strategic investments in technologies under its recognised brand.