 "electric vehicle")
Servotech Power Systems on Friday announced an initial investment of Rs 30 crore to manufacture EV charger components and lithium-ion batteries.
The initial investment will be made along with the company's subsidiary Techbec Green Energy Pvt Ltd and another Rs 300 crore by March 2025.
In a statement, Servotech Power said the initial investment will be utilized to procure testing equipment, manpower, machinery, and cutting-edge technology and supporting other allied activities.
To take the plans forward, a facility spanning 40,000 square feet has been bought in Sonipat, Haryana where EV charger components like power modules, connectors, control cards, and PLC modules will be manufactured along with lithium-ion batteries.
Company's founder and MD Raman Bhatia said the initial investment of Rs 30 crore will be allocated towards acquiring testing equipment, hiring skilled manpower, obtaining advanced machinery and technology, and supporting other related activities.
"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," he said.
Servotech Power is a leading manufacturer of solar, EV chargers, power-backup and other smart power solutions.
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