Vakrangee to expand network of charging stations for electric vehicle in India

New Delhi, July.16(HS): Vakrangee Ltd which has been in business of providing services like banking, ATM, insurance, e-commerce and logistics through its network of Nextgen Vakrangee Kendra retail outlets since 1990, is in process of setting up more outlets. It will provide charging stations for electric vehicles in these outlets and will increase the number of these outlets from existing 3504 to 75000 by the 31st March, 2022 and then to 300000 by 31st March, 2025.

Most of the outlets of Vakrangee are in tier 5 and tier 6 cities across 19 states of India. It will expand its portfolio of services by providing charging stations. The company will work as an enabler by providing distribution platform for EV charging infrastructure through association with EV service provider.

It is noteworthy that the government of India is emphasizing use of eco friendly electric vehicles and development of ecosystem for providing infrastructure to long term viability of electric vehicles. The Finance Ministry has also announced incentives like tax deduction for interest paid on loan for purchase of electric vehicles and reduction in rate of GST on such vehicles.