Saudi-based Petromin Corporation and India’s Hindustan Petroleum Corporation Ltd (HPCL) will invest $700 million to set up fuel stations, multi-brand vehicle service workshops and electric vehicle (EV) charging stations over the next five years.
Petromin Express India, a subsidiary of Petromin, and HPCL will invest around $100 million to set up around 1,000 vehicle service centres at HPCL retail outlets in India, Asian News International (ANI) reported.
Another $100 million will be invested to install and operate up to 5,000 EV charging units at HPCL-operated stations throughout India.
In addition, the companies will invest $500 million in operating up to 500 fuel stations in Saudi Arabia, Middle East and Africa.
“A joint venture as per the local laws and regulations will be formed,” the companies said in a statement.
(Writing by P Deol; Editing by Anoop Menon)
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