Petronet LNG plans to enter Electric Vehicle business

Key highlights:

• Petronet LNG Limited has planned to enter into the business of electric vehicles
• The company will also create charging infrastructure
• These charging stations will be opened at the petrol pumps of IOC and BPCL

With an aim to make the electric vehicle business a sustainable one in India, Petronet LNG Limited has planned to enter into the business of electric vehicles (e-vehicles). The plan is backed by the recent boom in investment in the electric vehicle segment, which is going to be a major source of transportation in recent future.

Informing about the plans of Petronet sources informed Zee Business that the company will be manufacturing batteries for electric vehicles. The company will also create charging infrastructure, which is an important requirement for the country's ambitious e-vehicle plan. These charging stations will be opened at the petrol pumps of Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited (BPCL).

IOC and BPCL are promoters of Petronet LNG Limited.

In addition, Petronet LNG will also enter into an agreement with global companies in the electric vehicle segment.

With this plan, Petronet LNG will become the fourth company to enter the business of electric vehicle. Other three companies functional in the segment are National Thermal Power Corporation (NTPC), Power Grid and Rural Electrification Corporation Limited (REC).

Petronet LNG Ltd is one of the fastest growing companies in the Indian energy sector. It has set up the country's first LNG receiving and regasification terminal at Dahej, Gujarat, and another terminal at Kochi, Kerala. The company is in the process to build a third terminal at Gangavaram, Andhra Pradesh.

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