Oil marketing companies (OMCs), which until two years ago saw a bright future in fossil fuels, are readying expansion plans for the electric vehicle (EV) segment. Officials from these companies said while the consensus was that disruption from the EV segment would at least be a decade away, the pandemic has changed the business environment, forcing them to accelerate plans in the EV charging segment. Indian Oil Corp. Ltd (IOCL), the largest refiner and marketer, has installed 257 EV charging stations at its retail outlets and is planning another 1,800 stations this fiscal. RBML aims to build thousands of battery swap stations over five years at its retail outlets as well as residential and commercial complexes, malls, hotels and business parks. According to Morgan Stanley Research, India reached 1% two-wheeler EV penetration in July, which it expects to grow to 10% by 2025.

Source: Mint August 08, 2021 16:07 UTC