Servotech Bags Order For 1400 DC Fast EV Chargers Worth Rs. 111 Cr From Indian Oil

EV (Electric Vehicle) chargers' manufacturer, Servotech Power Systems has bagged an order of 1,400 DC fast EV chargers from Indian Oil Corporation (IOCL) and other EV charger OEMs. The total order is valued at 111 crores and involves two charger variants of 60 kW and 120 kW. 

The order secured by IOCL involves Servotech manufacturing, supplying and installing DC EV chargers nationwide, prioritising deployment at Indian Oil petrol pumps and other said locations. Additionally, Servotech will also manufacture and supply the rest of the chargers to EV charger OEMs.

Recently, Servotech also received order for 1,500 DC Fast EV charger from HPCL and OEMs and 1,800 DC EV chargers order from BPCL.

The total number of EV charger orders from oil marketing companies and EV charger OEMs stands at 4,700 units and the total value of the combined orders stands at 333 crores.

Servotech will be installing all these chargers by the end of the FY 2024-25 and will deploy 5 per cent of the 4,700 units of DC EV chargers by March 31st, 2024. Additionally, the company will also complete the deployment of 2,649 AC EV chargers order received by BPCL by the same deadline i.e. 31st March 2024.

Sarika Bhatia, Director of Servotech Power Systems, said on this order wins: “Leveraging the network of oil marketing companies and installing EV chargers at their petrol pumps, we're building a robust infrastructure for EVs, making them accessible to all, everywhere. Our top-notch DC fast EV chargers are poised to create e-mobility hubs, streamlining transactions, enhancing accessibility, simplifying user experience, and aiding navigation for EV drivers. With our proactive assistance, we're driving a seamless shift toward a greener, more sustainable transportation landscape.”