Lanka IOC to install EV charging stations across its network

Lanka IOC will deploy electric vehicle charging facilities at all 273 of its company-owned and franchise-operated retail outlets over the next two years. This transition toward a sustainable mobility ecosystem involves a strategic partnership with Ishara Trading, a subsidiary of the financial conglomerate LOLC. This infrastructure roll-out represents one of the largest synchronised green energy transformations within Sri Lanka’s petroleum industry.

Managing Director K. Raghu noted that while the auto fuel business currently generates 76 percent of group revenue, diversification remains vital for earnings resilience and long-term value creation. Chairman Anuj Jain emphasised that sustainable profitability depends on portfolio breadth and operational agility rather than traditional fuel retailing alone, especially given the volatile regulatory and geopolitical environment.

The deployment follows a phased, data-driven model designed to manage capital expenditure effectively. The project aims to establish fast-charging hubs at 75 urban locations within the next six months, with the goal of expanding to 175 outlets within 18 months to eliminate range anxiety for electric vehicle drivers.

This modernisation effort arrives as the local retail fuel sector faces intense competition following deregulation and the entry of new multinational brands. Lanka IOC reported a net sales revenue of Rs. 280.65 billion for the year, with a net profit of Rs. 10.56 billion. The company currently holds an equity capital base of Rs. 92.04 billion.