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Servotech bags order worth Rs 111 cr from IOCL

Friday, 01 Mar 2024
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Servotech Power Systems has bagged an order of 1,400 DC fast EV chargers from Indian Oil Corporation (IOCL) and other EV charger original equipment manufacturers (OEMs). The total order is valued at Rs 111 crore and involves two charger variants of 60 kW and 120 kW.

The DC EV chargers will be installed 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. This move is seen as an important step in decarbonised mobility and will cater to the evolving needs of the infrastructure.

Recently, Servotech received 1,500 DC Fast EV charger order from HPCL and OEMs, as well as 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.

Servotech aims to install these chargers by the end of the FY25. Servotech will deploy five percent of the 4,700 units of DC EV chargers by 31 March, 2024. Additionally, the company will also complete the deployment of 2649 AC EV chargers order received by BPCL by the same deadline i.e. 31 March, 2024.

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