Hero MotoCorp, BPCL partners to set up two-wheel EV charging infrastructure across India

23 Feb 2022 , 09:00 AM

Hero MotoCorp is the first automotive OEM to tie up with the leading Public Sector Undertaking (PSU) to set up charging infrastructure across India. BPCL, accelerating its focus on new business segments for sustainable growth, announced in September 2021 that it is converting 7,000 conventional retail outlets into energy stations providing multiple fueling options, which will include EV charging facility also, in the medium to long term.

The two mega entities will first establish a substantial charging infrastructure at the existing nationwide energy station network and subsequently may broaden the collaboration to develop more synergies within the EV ecosystem and adjacent business verticals, thereby enabling prospects throughout the customer life cycle. In the first phase, charging stations will be set up across nine cities starting with Delhi and Bengaluru. The network will be then expanded across the country with the aim to establish a high density of charging stations.

Hero MotoCorp will soon commence the infrastructure development in the two cities. Each charging station will feature multiple charging points including DC and AC chargers and will be available for use to all two-wheeled EVs. The entire user charging experience will be controlled by a Hero MotoCorp Mobile-App and will be a cashless transaction model. The BPCL energy station network will also provide accelerated opportunities to expand the scope of operations and services. The companies may utilize the gateways created to make additional investments into building a robust EV ecosystem.

Hero MotoCorps consolidated net profit declined 30.95% to Rs 703.74 crore on 18.46% fall in net sales to Rs 8,013.08 crore in Q3 December 2021 over Q3 December 2020.

Shares of Hero MotoCorp rose 0.79% to end at Rs 2,732.50 on BSE. Hero MotoCorp designs and develops technologically advanced motorcycles and scooters for customers around the world. It became the worlds largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year.

Meanwhile, shares of Bharat Petroleum Corporation dropped 3.69% to close at Rs 355.35 on BSE. BPCL is the second largest Indian oil marketing company, engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the elite club of companies having greater operational & financial autonomy. The Government of India holds 52.98% stake in BPCL as of 31 December 2021.

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