The shares of Vakrangee hiked 5% Intraday on 16th July morning after the company has finally decided to build an electric vehicle charging station in India. The company will construct and set up the charging station through its Nextgen Vakrangee Kendra Outlets.

Currently, Vakrangee has around 3500 Nextgen Vakrangee Kendra’s spread in 19 states, 360+ districts & 2,16 postal codes. Among them, 68% of outlets are in tier five & tier six cities.

The company said, “our target is to build at least 75K by FY2021-22 & 3 Lac outlets by FY 2024-25”.

Vakrangee plans to take advantage of this deep presence by setting up a charging facility through its retail outlets – Vakrangeee Kendras.

The Indian government expects 25% of total vehicles on roads to be run through electric energy by 2030 according to the Union Housing & Urban Affairs Ministry.

As per the recent guidelines, there should be one station on each side of the highway/roads at every 25 km