Servotech Power sets up new subsidiary as it plans to install 5,000 EV charging stations across India
India's EV charging market is expected to grow rapidly in the coming years as the government is targeting 30 per cent of all vehicles to be electric by 2030.
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Servotech Power Systems, a tech-enabled EV charging solutions provider, has announced to set up 5,000 electric vehicle charging stations across India.
The company through a filing said that it has set up a new wholly-owned subsidiary, Servotech EV Infra Pvt Ltd, as it enters the EV Charge Point Operator (CPO) business.
The Delhi-based firm will manufacture and supply EV chargers to the subsidiary that will do business as a CPO for EV chargers.
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India's EV charging market is expected to grow rapidly in the coming years as the government is targeting 30 per cent of all vehicles to be electric by 2030.
"Servotech EV Infra aims to establish 5000 CPO sites across the nation which will result in the creation of a robust EV charging infrastructure, ultimately leading to the development of sustainable transportation," the company said in a statement.
Raman Bhatia, founder and MD, said that the company holds a significant share of the EV charger market in the country. The creation of a new subsidiary will further solidify the market position.
"The recent expansion into the EV CPO business with Servotech EV Infra reflects the dedication to playing an important role in advancing the EV infrastructure landscape, catering to the growing number of EVs in the country," he said.
Servotech is a leading manufacturer of solar, electric vehicle (EV) chargers, power-backup and other smart power solutions. The company recently signed an agreement with the Uttar Pradesh government to set up an EV charger manufacturing plant in the state at an investment of Rs 300 crore.
The EV charger maker in Q2 of the current financial year reported a more than three-fold increase in net profit at Rs 3.12 crore. The revenue more than doubled to Rs 86.59 crore from Rs 40.24 crore in the same quarter a year ago.
Meanwhile, NSE-listed Servotech Power shares on Monday declined more than 1 per cent to close at Rs 76.50.