Indian Oil plans to set up 10k EV charging stations in India

Chairman of Indian Oil Corporation Limited (IOCL), S M Vaidya, told the media that it would set up 10,000 electric vehicle (EV) charging stations within the next three years in India to boost the EV ecosystem in the country.

Vaidya said that the company will support PM Narendra Modi's commitment to achieve net-zero emissions by 2070 under the initiative towards climate change. EV charging stations will be a small step for the EV system. He also committed more initiatives to increase renewables in the economy and reduce carbon intensity.

IOCL will soon unveil its net-zero emissions target. Large refiners, including India Oil, use enormous energy internally, mostly based on fossil fuels. Global oil majors like Bharat Petroleum (BP) and Shell are pledged to reach net-zero emissions by 2050.

Electric mobility is the main tool to fight against emissions that have risen disproportionately over the past years with the increased number of fossil fuel vehicles.

Fossil fuel-based retailers have begun to scale up their EV charging to ensure they have relevant supplies in future for new vehicle sales. This year in September, Hindustan Petroleum announced its plan to set up 5,000 EV charging stations in the next three years. BP plans to set up 1,000 EV charging stations. The joint venture partner of BP and Reliance Industries also plans to set up EV charging stations in the existing and new pumps.

Vaidya said that currently, Indian Oil has 448 EV charging stations and 30 battery swapping stations in India. The country plans to raise EV charging stations to 2,000 within one year and add 8,000 more in the next two years. These stations come up in their fuel stations. It also plans to invest Rs 150 crore to Rs 200 crore to build its EV network to benefit EV manufacturers and buyers.

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