Vontier’s Gilbarco Veeder-Root Secures Back-to-Back Large India Tenders With India Oil Corporation

Rhea-AI Summary

Gilbarco Veeder-Root (GVR), a Vontier business, has secured a $15 million tender with Indian Oil (IOCL) for Red Jacket® submersible turbine pumps. The product delivery will span across IOCL's retail sites throughout India over the next 12 months. This follows a previous tender secured in September for retail fuel dispensers and services. GVR has maintained presence in India since 1955, with its main manufacturing facility in Coimbatore. Additionally, Invenco by GVR has recently opened a software development center in Bengaluru to support global and India software needs.

Positive

• Secured new $15 million contract with Indian Oil
• Second major tender win since September 2023
• Expanding presence in Indian market with new software development center

Negative

• None.

Insights

Financial Analyst

This $15 million tender win from Indian Oil represents a significant strategic expansion in the Indian market for Vontier. The back-to-back contract wins since September demonstrate strong market penetration and growing relationship with India's largest oil retailer. The Red Jacket® submersible turbine pumps order, combined with the previous fuel dispenser contract, positions GVR as a comprehensive solution provider in India's rapidly growing fuel retail infrastructure. The 12-month delivery schedule suggests steady revenue recognition through 2024. With GVR's established manufacturing presence in Coimbatore and new software development center in Bengaluru, these wins validate Vontier's long-term India strategy and potential for recurring business from infrastructure modernization initiatives.

Market Research Analyst

India's fuel retail market presents substantial growth opportunities as the country modernizes its infrastructure to meet rising energy demand. IOCL, with over 33% market share in India's retail fuel segment, is a strategic customer win. The consecutive tenders indicate potential for additional large-scale contracts as IOCL operates over 35,000 retail outlets. GVR's local manufacturing capabilities provide competitive advantages in terms of cost, delivery times and alignment with India's "Make in India" initiative. The expansion into software development through Invenco suggests preparation for future digital transformation opportunities in India's retail fuel sector.

$15 million tender secured for Submersible Turbine Pumps to support Indian Oil Corporation Ltd. (IOCL) growth goals

RALEIGH, N.C.--(BUSINESS WIRE)-- Vontier Corporation (NYSE: VNT), a leading global provider of critical technologies and solutions to connect, manage and scale the mobility ecosystem, announced today that Gilbarco Veeder-Root (GVR), a Vontier business and the worldwide technology leader for retail and commercial fueling operations, has secured a second significant tender with Indian Oil Corporation (IOCL) since September. The latest tender with IOCL is for $15 million for Veeder-Root branded Red Jacket^® submersible turbine pumps, used in fuel tanks to pump fuel quickly, efficiently and safely.

Product delivery will begin soon across IOCL’s retail sites throughout India and will continue over the next 12 months. The news follows Vontier and GVR’s September announcement of a tender with IOCL for the supply of retail fuel dispensers and services.

"We are excited to partner with IOCL to help provide a complete set of solutions for their retail outlets,” said Viswanath Devarajan, Managing Director at Gilbarco Veeder-Root India.

Gilbarco Veeder-Root has been present in India since 1955. The company’s main manufacturing facility in Coimbatore produces retail and commercial fueling solutions for India and the world. Invenco by GVR, another Vontier company, also recently opened a software development center in Bengaluru for the company’s growing global and India software needs, further demonstrating its commitment and long-term investments in India.

About IOCL:

Indian Oil Corporation Limited (Indian Oil) is a leading force in the global energy sector. As a diversified and integrated energy major, Indian Oil spans across oil, gas, petrochemicals, and alternative energy sources. Indian Oil excels in harnessing energy responsibly and delivering it to consumers with remarkable affordability.

About Vontier:

Vontier (NYSE: VNT) is a global industrial technology company uniting productivity, automation and multi-energy technologies to meet the needs of a rapidly evolving, more connected mobility ecosystem. Leveraging leading market positions, decades of domain expertise and unparalleled portfolio breadth, Vontier enables the way the world moves – delivering smart, safe and sustainable solutions to our customers and the planet. Vontier has a culture of continuous improvement and innovation built upon the foundation of the Vontier Business System and embraced by colleagues worldwide. Additional information about Vontier is available on the Company’s website at www.vontier.com.

About Gilbarco Veeder-Root:

Gilbarco Veeder-Root, a Vontier business, is the worldwide technology leader for retail and commercial fueling operations, offering the broadest range of integrated solutions from the forecourt to the convenience store and head office. For over 150 years, Gilbarco has earned the trust of its customers by providing long-term partnership, uncompromising support, and proven reliability. Major product lines include fuel dispensers, tank gauges and fleet management systems. For more information, please visit: www.gilbarco.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241112826677/en/

For more information, contact:

Media Relations contact:

Marty Hanna, Vice President, Communications

Vontier Corporation

Martin.hanna@vontier.com

Investor Relations contact:

Ryan Edelman, Vice President, Investor Relations

Vontier Corporation

Ryan.edelman@vontier.com

Source: Vontier Corporation

FAQ

What is the value of Vontier's (VNT) new tender with Indian Oil ?

The new tender secured by Vontier's Gilbarco Veeder-Root with Indian Oil is valued at $15 million for Red Jacket® submersible turbine pumps.

How long will the delivery period be for VNT's new IOCL contract?

The product delivery will take place over the next 12 months across IOCL's retail sites throughout India.

When did Gilbarco Veeder-Root first establish its presence in India?

Gilbarco Veeder-Root has been present in India since 1955.