Servotech Power Systems to install 5,000 EV charging stations in India
On the rational behind the move, the company said the 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 Power Systems on Tuesday announced plans to install 5,000 EV-charging stations across the country.
In this regard, Servotech Power Systems said it has incorporated a subsidiary, Servotech EV Infra, which will do the business as a Charge Point Operator (CPO) for these EV chargers.
"Servotech Power Systems is foraying into the EV CPO business by establishing its wholly owned subsidiary. It will manufacture and supply EV chargers to Servotech EV Infra which will do business as a CPO for these EV chargers," the company said.
India vs Australia 4th T20I Free Live Streaming: When and Where to watch IND VS AUS T20I series Match LIVE on Mobile Apps, TV, Laptop, Online
Loan Against LIC Policy: If high interest rate and poor Cibil score bother you for taking personal loan; try out this LIC option
Rajasthan Assembly Election Exit Polls Results 2023 LIVE: BJP holds edge in close fight with Congress in Rajasthan — Check BJP, Congress seat projection
Madhya Pradesh Election Exit Polls Results 2023 Live: Congress and BJP neck and neck in Madhya Pradesh; Check BJP, Congress seats
Telangana Assembly election 2023: Will BRS retain its power for a third time? Check latest voting updates, date of counting, results announcement of 119 Assembly seats
Chhattisgarh Exit Poll Results 2023 Live: Will Congress retain power in state? Here is what exit polls suggest
ICC T20 World Cup 2024: Uganda creates history, qualifies for T20 World Cup; Namibia in; Zimbabwe exits
On the rationale behind the move, the company said the 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 is well positioned to capitalise on this growth, with its strong track record and expertise in the EV charging technology, the company said.
"This will prove to be a significant game changer. The expansion into the EV CPO business with Servotech EV Infra reflects our dedication to playing an important role in advancing the EV infrastructure landscape, catering to the growing number of EVs in the country," Servotech Power Systems Founder and MD Raman Bhatia said.
Servotech Power Systems is investing Rs 300 crore to set up an EV charger manufacturing plant in Uttar Pradesh under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022.