 "Servotech sets up Techbec Industries to make batteries, allied activities")
Servotech Power Systems on Friday said it has incorporated a subsidiary, Techbec Industries Ltd, for manufacturing batteries, particularly lithium-ion batteries, and other allied activities.
Servotech Power Systems will be the holding company of Techbec Industries Ltd (TIL) and would hold 63.5 per cent share capital in the newly established battery manufacturing entity, the company said in a regulatory filing.
The new subsidiary has been incorporated with the authorised capital of Rs 10 Lakh, the filing added.
"India must produce its own lithium-ion batteries in order to achieve its EV (electric vehicles) goals without importing any," Raman Bhatia, Founder and Managing Director, Servotech Power Systems said in the statement.
The newly launched subsidiary will be an integrated battery storage solution in the market, facilitating its goal of indigenizing battery manufacturing for EVs, E-rickshaws, and varied solar-powered solutions, he said.
TIL intends to bring specific focus to support the EV segment and the battery-as-a-service business model offering across its portfolio of commercial vehicles.
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In addition to existing State Transport Undertakings (STUs) and government fleets, TIL will also cater to all business opportunities across passenger mobility applications.
These efforts will be bolstered from our tech-enabled, newly-setup manufacturing unit at Safiabad, Sonipat, Haryana.
The facility which will shortly be operational is spread in 40,000 Sq ft and has the capacity to produce up to 6,00,000 units of battery pack annually.
This workshop will be equipped with fully-automated, cutting-edge production lines and testing facilities for the making of custom-designed battery modules, packs, and containerization.