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Hot Pursuit News

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(01 Mar 2024, 13:15)

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.

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