Vakrangee to bank on electric vehicle charging opportunity

The e-governance services company is planning to build a large charging footprint alongside its network of Nextgen Vakrangee Kendras spread across the country. Currently, the company has 3,504 Vakrangee Kendras.

Vakrangee centers are located in 19 states, 366 districts and in 2,186 postal codes of which over 68 per cent centers are in tier 5 and tier 6 cities. The company plans to have 3,00,000 outlets by FY2024-25. In-line with its plan to leverage this presence, the company is contemplating on enabling EV charging facility at its retail outlets by providing electric vehicle service operators charging infrastructure.

The Indian government aims at having close to 25 per cent electric vehicles on road by 2030 and to achieve the same ample electric vehicle (EV) charging infrastructure will be needed. The government has envisioned that there should be atleast one charging station in every 25 Km on either side of the highway or roads.

Despite this announcement, on Tuesday, the stock of Vakrangee Limited was experiencing selling pressure and was trading at Rs. 35.45 per share, down by 1.66 per cent on BSE.