Servotech Power Systems Ltd. has bagged an order of 1,400 DC fast EV chargers from Indian Oil Corporation Limited (IOCL) and other EV charger OEMs. The total order is valued at INR 1.11 billion and involves two charger variants of 60 kW and 120 kW. The order secured by IOCL involves Servotech manufacturing, supplying and installing DC EV chargers nationwide, prioritizing deployment 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 as it will promote decarbonized mobility and cater to the evolving needs of the EV charging infrastructure.

Recently, Servotech received 1500 DC Fast EV charger order from HPCL and OEMs. The company also received1800 DC EV chargers order from BPCL. The total number of EV charger orders from oil marketing companies and EV charger OEMs stands at 4700 units. The total value of the combined orders stands at 333 crores.

Servotech is committed to installing all these chargers by the end of the Fiscal Year 2024-25. Servotech will deploy 5% of the 4,700 units of DC EV chargers by March 31st, 2024. Additionally, Servotech will also complete the deployment of 2649 AC EV chargers order received by BPCL by the same deadline i.e. 31 March 2024.