Servotech secures order worth Rs 111 crore from Indian Oil Corporation, OEMs

Servotech Power Systems Ltd (SPSL) has bagged an order of 1400 DC fast EV chargers from Indian Oil Corporation Limited (IOCL) and other EV charger OEMs. According to an exchange filing, the total order is valued at 111 crores 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. Servotech will also manufacture and supply the rest of the chargers to EV charger OEMs.

The company said that it will be 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, the company will also complete the deployment of 2649 AC EV chargers orders received by BPCL by the same deadline i.e. March 31, 2024.

Earlier, SPSL bagged an order worth Rs 120 crore from Bharat Petroleum Corporation Limited (BPCL) to install 1,800 fast EV charging stations across various locations in India.

Under the project, the company will set up two charger variants - 60 kW and 120 kW. Servotech said that it aims to complete this project by the end of this year.