Servotech Power bags order from IOCL worth Rs 111 cr

Servotech Power Systems received an order of 1400 DC fast EV chargers from Indian Oil Corporation (IOCL) and other EV charger OEMs.

Shares of Servotech Power Systems rose 1.71% to Rs 101 while Indian Oil Corporation of India jumped 2.63% to Rs 169.90 on NSE.

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

The said order includes two charger variants of 60 kW and 120 kW. The company has committed to install all these chargers by the end of the FY 2024-25. It will deploy 5% of the 4700 units of DC EV chargers by 31 March 2024. Additionally, it will also complete the deployment of 2649 AC EV chargers order received by BPCL by the same 31 March 2024. The total order is valued at Rs 111 crore.

Sarika Bhatia, Director of Servotech Power Systems, said We are honored to contribute to India's EMobility revolution alongside major oil marketing companies like IOCL, HPCL, and BPCL. Together, we are committed to accelerating the transition to a sustainable future. It's a source of pride that these industry leaders have chosen us based on our manufacturing capabilities and quality conscious EV chargers. As a premier EV charger manufacturer, we aim to transform India into a nation where EVs are not just a vision but a reality. With shared vision and unwavering dedication, we believe in making this dream come true. 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 said Sarika Bhatia.

Servotech Power Systems is engaged in the end-to-end manufacturing, procurement and distribution of a range of high-end yet advanced solar products, medical devices as well as energy-efficient lighting solutions. Having forayed into the EV market recently with the launch of high-tech EV charging equipment, the company intends to establish EV charging tech infrastructure pan India.

Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31 December 2023, the Government of India held 51.50% stake in the company.

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