Servotech Power Systems, a leading provider of electric vehicle (EV) charging solutions, has announced the acquisition of a substantial order for nearly 1,500 DC fast EV chargers from Indian Oil Corporation Limited (IOCL). This marks the third significant order in just weeks from an Indian petrol retailer.
Earlier, the company finalized a similar agreement with Bharat Petroleum Corporation Limited (BPCL) in late January, committing to deliver 1,800 chargers. This was swiftly followed by another contract with Hindustan Petroleum Corporation Limited (HPCL) in February.
The latest order for DC chargers includes units with capacities of 60 kW and 120 kW. Servotech has revealed that its cumulative orders from oil retailers and EV charger OEMs now stand at 4,700 units, with a total value of 333 crore rupees (approximately 40 million dollars).
The order from IOCL alone is valued at 111 crore rupees and involves Servotech’s responsibilities in manufacturing, supplying, and installing DC chargers nationwide. The company has prioritized the deployment of these chargers at IOCL’s pit stops.
Servotech has expressed its commitment to completing the installation of all 4,700 chargers by the end of the fiscal year 2024-25. As part of this commitment, Servotech aims to deploy 5% of the 4,700 units of DC EV chargers by March 31st, 2024. Additionally, the company will also fulfill the deployment of the 2,649 AC EV chargers ordered by BPCL by the same deadline.
See also: Servotech Expands EV Charger Deployment in India with HPCL Deal
Sarika Bhatia, Director of Servotech Power Systems, commented, “We are honored to contribute to India’s E-Mobility revolution alongside major oil marketing companies like IOCL, HPCL, and BPCL. It is a source of pride that these industry leaders have chosen us based on our manufacturing capabilities and quality-conscious EV chargers.”
