Gulf Oil Lubricants Appoints Manish Kumar Gangwal as Whole-Time Director

MUMBAI — December 22, 2025 — Gulf Oil Lubricants India Limited (GOLIL), a prominent Hinduja Group company, has announced the appointment of Mr. Manish Kumar Gangwal as a Whole-Time Director, effective immediately. The decision was approved by the Board of Directors during their meeting today, following a recommendation from the Nomination & Remuneration Committee.

Mr. Gangwal, who has served as the company’s Chief Financial Officer (CFO) since 2014, will continue to hold his CFO position alongside his new responsibilities on the Board. The appointment is for a five-year term concluding on December 21, 2030, subject to shareholder approval via a postal ballot.

Executive Profile: Manish Kumar Gangwal

Mr. Gangwal (53) is a seasoned financial leader with over 30 years of professional experience in strategy, mergers and acquisitions, and corporate governance.

Professional Background: A rank-holding Chartered Accountant, Company Secretary, and Graduate Member of ICMAI.
Track Record at GOLIL: Over his 17-year association with the company (including 11 years as CFO), GOLIL has seen multi-fold growth in revenues and profits.
Strategic Role: Beyond finance, he is a key architect of GOLIL’s e-Mobility foray, including the company's investments in EV charging software (ElectreeFi) and hardware (Tirex Transmission).
Previous Stints: He has previously held leadership roles at Gulf Oil Corporation Limited, Poddar Pigments, and Hindustan Development Corporation.

Key Details of the Appointment

Feature	Description
New Designation	Whole-Time Director & Chief Financial Officer
Effective Date	December 22, 2025
Tenure	5 Years (until December 21, 2030)
Approval Process	Board approved; Shareholders' consent via Postal Ballot
Shareholding	Holds 8,276 equity shares (0.02% of the company)

Strategic Context: Future Readiness

The elevation of Mr. Gangwal to the Board signifies GOLIL's focus on long-term endurance and diversification. Under his financial stewardship, the company has maintained a volume growth rate of 2-3x the industry average.

GOLIL is currently transitioning from a pure lubricant player to a broader energy and mobility solution provider. Significant recent moves include:

EV Ecosystem: Building a "SaaS to Hardware" ecosystem for EV charging.
Subsidiary Performance: Tirex Transmission (65.18% stake) achieved 3x top-line growth in H1 FY26.
Core Strength: Maintaining 12-14% EBITDA margins while investing heavily in brand campaigns like "Gulf Superfleet Surakshabandhan."