Magenta Power ropes in HPCL as strategic investor

Solar power systems provider Magenta Power has roped in state-owned Hindustan Petroleum Corporation Ltd (HPCL) as a strategic investor as it bids to accelerate deployment of electric vehicle (EV) chargers across India, according to a top company official.

The company hopes to set up at least 500 electric vehicle (EV) charging points across India by the end of this fiscal and has entered into partnerships with various malls, restaurants and institutional entities to set up of the infrastructure.

“We are happy to announce that HPCL is now a strategic investor in our company as well. They have evinced confidence in the work we are doing. They have actually supported us,” Magenta Power Managing Director Maxson Lewis said.