Servotech agrees next deal with Indian oil corporation

Servotech Power Systems has bagged a significant order for nearly 1500 DC fast EV chargers from Indian Oil Corporation Limited (IOCL). This is the third order within only weeks coming from an Indian petrol retailer.

The company had made a similar deal with Bharat Petroleum Corporation Limited (BPCL) in late January to deliver 1,800 chargers. This was followed by another contract with Hindustan Petroleum Corporation Limited (HPCL) in February.

As with the new order, Servotech will provide chargers with 60 kW and 120 kW.

Servotech says the total number of EV charger orders from oil retailers and EV charger OEMs stands at 4,700 units and an accumulated value of 333 crores rupees (about 40 million dollars).

The order from IOCL is valued at 111 crores and involves Servotech manufacturing, supplying and installing DC chargers nationwide, prioritising deployment at the company’s pit stops.

Servotech says it is committed to installing all these chargers by the end of the FY 2024-25. Servotech will deploy 5% of the 4700 units of DC EV chargers by March 31st, 2024. Additionally, Servotech will also complete the deployment of 2,649 AC EV chargers order received by BPCL by the same deadline.

Sarika Bhatia, Director of Servotech Power Systems, said they were “honoured to contribute to India’s E-Mobility revolution alongside major oil marketing companies like IOCL, HPCL, and BPCL.” He added it was “a source of pride that these industry leaders have chosen us based on our manufacturing capabilities and quality-conscious EV chargers.”

servotech.in