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Looking beyond fossil fuels, IOC looks at electric charging points for future growth
Monday, November 20, 2017 - 3:02:45 AM - By News Bureau
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IOC Chairman Sanjiv Singh
NEWDELHI : Indian Oil Corporation (IOC) is looking beyond fossil fuels by setting up charging points for Electric Vehicles (EVs) at its fuel stations. On 19 November 2017, IOC inaugurated a charging point at its petrol pump in Nagpur's RBI Square in collaboration with Ola for charging the taxi aggregator's electric fleet.

The entry by IOC into the EV ecosystem is part of IOC Chairman Sanjiv Singh's vision to prepare the company for disruptions in fuel business from new-age mobility solutions.

Media reports quoted Singh, after taking over as Chairman in June, having addressed IOC employees in a webcast on 01 June 2017. He said, "The oil industry has to gear up to face disruptive technologies and Indian Oil has to make investments to prepare for the future even though oil will remain in the mainstream of the country's energy discourse for long."

The Indian Government is pushing EVs, at least in public transportation, and chasing an ambitious target of selling only electric cars by 2030.

It would then appear that the IOC Chairman has correctly read the writing on the wall. With more than 50 per cent share of the fuel retail market, Indian Oil's entry into the EV ecosystem will remove one of the key operational challenges — recharging — and help popularise the mode among general public.

IOC is the second state-run entity to take initial steps into the EV ecosystem. In June, generation utility NTPC had set up two charging points in its Delhi and Noida offices and is working on expanding in Delhi and other cities.
IOC Chairman Sanjiv Singh
Indian Oil Corporation
Indian Government
Electric Vehicles
charging points