Nexus Malls on June 22 announced its association with Jio-BP, a fuel and mobility joint venture between Reliance Industries Limited (RIL) and BP, for the roll-out of state-of-the-art EV charging stations and battery swapping stations across their portfolio of 17 malls in 13 cities.
Jio-BP is creating an ecosystem that will benefit all the stakeholders in the EV value chain, and last year, the company constructed and launched two of India’s largest EV charging hubs.
As part of this partnership, Nexus malls will be installed with 24x7 charging infrastructure for two- and four-wheeler EVs. In the first phase, these charging stations will be available at Nexus malls in Navi Mumbai, Bengaluru, Hyderabad, Pune and Ahmedabad from June 2022.
According to a market analysis report, the Indian electric vehicle market size was valued at $220.1 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 94.4 percent from 2021 to 2030. In 2021, Minister of Road Transport and Highways and MSMEs Nitin Gadkari said that compared to the previous year, the country's electric vehicle (EV) market grew 163 percent, with 324,840 EVs registered.
To accelerate EV adoption, Nexus will encourage its customers to charge vehicles at their malls among other environment-conscious initiatives.
To encourage the purchase and production of EVs across the country, the government has come up with various incentives ranging from discounts, lower interest rates on loans, waivers on road taxes and even an exemption on registration fees. Faster Adoption and Manufacturing of (Hybrid and) Electric (FAME) vehicles is currently India’s flagship scheme for promoting electric mobility. Between 2019 and 2021, the sale of two-wheeler EVs went up by 422 percent, three-wheelers went up by 75 percent and four-wheelers by 230 percent.
With these incentives, the EV market is expected to grow more in the coming years. The joint venture leverages Reliance’s presence across the country and its millions of consumers through the Jio digital platform. With the Jio-BP pulse mobile app, customers can easily find charging stations nearby and seamlessly charge their EVs.Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.”