Vakrangee jumps 5% on decision to set-up electric vehicle charging stations

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As per the guidelines, there should be at least one station at every 25 km on each side of the highway/roads.




Vakrangee shares rallied 5 percent intraday on July 16 after the company decided to set up electric vehicle charging infrastructure across India.

The company will set up the charging infrastructure facility through its Nextgen Vakrangee Kendra outlets.

Vakrangee has 3,504 Nextgen Vakrangee Kendra's spread across 19 states, 366 districts and 2,186 postal codes. More than 68 percent outlets are in Tier 5 and tier 6 cities.

"Our planned target is to reach at least 75,000 by FY2021-22 and 3,00,000 outlets by FY2024-25," company said in its BSE filing.

Vakrangee plans to leverage this deep presence by being an enabler for the EV charging facility through its network of retail outlets called Vakrangee Kendras.

"For all operators who want to set-up electric vehicle services in India, it will make sense for them to leverage our charging infrastructure rather than building one of their own. We are building a large charging footprint on a Pan India basis through our network of Nextgen Vakrangee Kendra outlets," Vakrangee said.

The government expects 25 percent of the total vehicles on roads to be electric driven by 2030, necessitating erecting robust electric vehicle (EV) charging infrastructure across the country, according to the Union Housing and Urban Affairs Ministry.

As per the guidelines, there should be at least one station at every 25 km on each side of the highway/roads.

The stock was quoting at Rs 36.60, up Rs 0.55, or 1.53 percent on the BSE at 0951 hours IST.


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