Magenta Power ropes in HPCL as strategic investor, eyes 500 EV charging points in FY20

Solar power systems provider Magenta Power has roped in state-owned Hindustan Petroleum Corporation Ltd (HPCL) as a strategic investor as it bids to accelerate deployment of electric vehicle (EV) chargers across India, according to a top company official.

The company is targeting to set up at least 500 EV charging points across India by the end of this fiscal and has entered into partnerships with various malls, restaurants and institutional entities to set up of the infrastructure.

"We are happy to announce that HPCL is now a strategic investor in our company as well. They have evinced confidence in the work we are doing. They have actually supported us," Magenta Power Managing Director Maxson Lewis told PTI.

While he declined to share financial details of the investment, Lewis said the partnership will enable Magenta Power to closely work with HPCL to set up EV charging solutions not just at the fuel filling stations of the state-owned oil marketing major but also beyond.

When asked if Magenta Power is still looking for more funds to meet its expansion requirements, Lewis replied in the affirmative saying the company's business is asset heavy and capital intensive.

"We are looking for more investors at this point of time. There are a couple of discussions going on," he said without elaborating.

Commenting on the company's future expansion plans, Lewis said, "we are invested in setting up the infrastructure... As far as numbers are concerned, we intend to set up at least 500 charging points across India by the end of this fiscal."
At this point of time, he added,"it looks like we are ahead of schedule and looks like we will end up doing more than 500 charging points."