Indian Economy News

Petromin Corporation KSA and Hindustan Petroleum Corporation Limited (HPCL) are going to invest US$ 700 million in petrol stations, multi-brand auto repair shops, and EV charging stations

  • IBEF
  • September 19, 2023

In collaboration with Hindustan Petroleum Corporation Limited (HPCL), the Saudi mobility solutions provider Petromin Corporation KSA will invest US$ 700 million in three important sectors: petrol stations, multi-brand car service facilities, and Electric Vehicle (EV) charging stations. Over the following five years, the investment will be made.

Petromin Express India, a subsidiary of Petromin Corporation, and KSA will be partnering with HPCL to invest around US$ 100 million to set up around 1,000 vehicle service centres at HPCL retail outlets in India. Additionally, the firms would spend about US$ 100 million to set up and run up to 5,000 electric vehicle charging stations at HPCL-run stations across India. High-speed DC and AC chargers are both available at these charging stations.

Up to 500 petrol stations will be operated in Saudi Arabia, the Middle East, and Africa, with the addition of another US$ 500 million.

The corporations stated in a statement that "a joint venture will be formed in accordance with the local laws and regulations." The statement was made at the India Invest Forum, which was held in New Delhi in conjunction with the Ministry of Investment of Saudi Arabia.

According to Mr. Kalyana Sivagnanam, Group Chief Executive Officer (CEO), Petromin Corporation, the association will create new job opportunities, attract further investments, and facilitate the transfer of technology between Saudi Arabia and India.

In the segments of automotive technology, multi-modal mobility, and environmentally friendly transportation, Petromin is the dominant Saudi participant. Since it began operating in the Kingdom of Saudi Arabia in 1968, it has developed a reputation for creating the highest-quality lubricants in the area. Over time, it expanded into a sizable provider of mobility solutions, including the complete customer's vehicle journey.

With quick and dependable car repair services supported by a vast network of service centres that offer coverage throughout the area, Petromin exports its goods to over 40 countries in the GCC, Middle East, Africa, and Asia.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.