Partnership to operate 5,000 EV HPCL operated stations throughout India
Saudi Arabia’s Petromin Corporation will be investing US$700 million in partnership with Hindustan Petroleum Corporation Limited (HPCL) in three strategic areas including US$500 million on operating up to 500 fuel stations in Kingdom, the Middle East and Africa.
The investment was made at the India Invest Forum organized with Saudi Arabia’s Ministry of Investment at the G20 Summit, New Delhi.
Petromin Express India, a subsidiary of Petromin Corporation will be partnering with HPCL invest around US$100 million to set up around 1,000 vehicle service centres at HPCL retail outlets in India.
Petromin and HPCL have signed an MOU to invest around US$100 million with the goal of installing and operating up to 5,000 Electric Vehicle charging units at HPCL operated stations throughout India. These charging stations will offer both high-speed DC chargers and AC chargers as well.
A joint venture as per the local laws and regulations will be formed by Petromin and HPCL to invest around US$500 million on setting up 500 fuel stations in KSA, Middle East and Africa.
The investment will be made in partnership with HPCL over the next 5 years, Petromin said on 18 Sept 2023.
At the recently concluded India-Saudi Arabia Investment Summit, three definitive agreements were signed between the Petromin Corporation team led by Samir Nawar, Managing Director, Petromin Corporation, KSA and Kalyana Sivagnanam, Group CEO, and the HPCL team led by Sandeep Maheshwari, Executive Director – Retail and Amit Garg – Director Marketing.
Kalyana Sivagnanam, Group CEO, Petromin Corporation said, “Petromin Corporation is delighted to partner with HPCL to invest in setting up Fuel Stations, EV Charging, and Petromin Express Workshops, EV Charging Stations in India and Fuel Stations across Middle East and Africa. This will create new job opportunities, attract further investments, and facilitate transfer of technology between Saudi Arabia and India.”
Sanjay Nigam, CEO, Petromin India & SE Asia, remarked, “The announcement of Petromin’s partnership with HPCL is a landmark moment to embark upon a game changing vehicle maintenance network and EV charging network in India. Two strong brands coming together will build confidence in the minds of the customers.”
Petromin is the leading Saudi mobility solutions player in automotive technology, multi-modal mobility, and sustainable transportation segment, with an unmatched reputation for the highest quality products and services in the Saudi industry since 1968. Fiinews.com
