Magenta Power Secures HPCL as Strategic Investor, Aims 500 EV Charging Points by FY20

Magenta Power has announced that it has secured state-owned Hindustan Petroleum Corporation Ltd (HPCL) as a strategic investor as it bids to fast-track deployment of electric vehicle (EV) chargers across India.

The company is pursuing to set up at least 500 EV charging points across India by the end of this fiscal and has arrived into partnerships with several malls, restaurants and institutional bodies to set up of the infrastructure.

"We are happy to announce that HPCL is now a strategic investor in our company as well. They have evinced confidence in the work we are doing. They have actually supported us," Magenta Power Managing Director Maxson Lewis expressed.

Lewis said the corporation will enable Magenta Power to diligently work with HPCL to set up EV charging solutions not just at the fuel filling stations of the state-owned oil marketing major but also beyond.

"We are looking for more investors at this point of time. There are a couple of discussions going on," he believed without expounding.

Remarking on the company's future expansion plans, Lewis said, "we are invested in setting up the infrastructure... As far as numbers are concerned, we intend to set up at least 500 charging points across India by the end of this fiscal."

At this point of time, he other, “it looks like we are ahead of schedule and looks like we will end up doing more than 500 charging points."

He believed 2019, is going to be a year when a lot of the EV ecosystem will fall into place, be it infrastructure, battery optimization or technology.

"And we believe that in 2020 the beginning is going to happen," Lewis said, adding "we have taken a collaborative view, with various malls, restaurants institutional entities to support us in setting up of the infrastructure".