Servotech Announces Formation of New Subsidiary to Manufacture EV Charger Components and Li-ion Batteries
The company along with the subsidiary plans to invest INR 300 Crores additionally by March 2025 with an objective to attain a prominent operational scale.
July 29, 2023. By EI News Network
The subsidiary will be equipped with a groundbreaking manufacturing amenity spreading throughout 40,000 sq. ft. in Sonipat, Haryana, and will focus on the manufacturing of key EV charger components like Power modules, CCS 2 guns, Type 2 guns, Connectors, Control Cards, and PLC Modules and Lithium-ion Batteries.
The company along with the subsidiary plans to invest INR 300 Crores additionally by March 2025 with an objective to attain a prominent operational scale.
Further to streamline the corporate structure, Servotech is divesting its stake of 63.5% in its subsidiary Techbec Global Solutions Pvt. Ltd.
Raman Bhatia, Founder and MD of Servotech, said, that an initial investment of INR 30 Crores will be allocated towards acquiring testing equipment, hiring skilled manpower, obtaining advanced machinery and technology, and supporting other related activities.
He further added, “Our new subsidiary marks an important milestone in our journey towards supporting the widespread adoption of electric vehicles. By making EV charger components domestically, we aim to contribute to the Make in India initiative while ensuring availability of technologically advanced charging infrastructure for electric vehicle users”.
This strategic decision to offer high-quality, domestically made components for EV charging infrastructure aligns perfectly with Servotech’s commitment to supporting the Make in India initiative while contributing to India’s transition towards cleaner and greener energy solutions.
please contact: contact@energetica-india.net.
Aman Mehtani
Founder & Group CEO
ADM Group Offers Smart, Sustainable Solutions for Global Automotive Industry
Gaurav Dolwani
CEO
From Scrap to Sustainability: LICO Materials’ Circular Economy Approach
Gaurav Kumar
Head of Supply Chain and Manufacturing
Euler Motors Bridges Cost Gap Between EVs and ICE Vehicles with Localization
Shveta Arya
India Region Leader
Powering India’s Mobility Future: Cummins Showcases Advanced Power Solutions at Bharat Mobility
Samkit Shah
Co-Founder
Jitendra EV Leading Hybrid EV Revolution with Hydrix