Servotech Power Systems to install 5k EV charging stations across India
By siliconindia | Wednesday, 15 November 2023, 08:45:39 AM IST
Servotech Power Systems has recently announced its plans to install 5,000 electric vehicle (EV) charging stations throughout the country. With this objective in mind, the company has created a subsidiary named Servotech EV Infra to operate 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.
The company explained that it is making this move because it anticipates rapid growth in the EV charging market over the next few years, as the government is aiming for 30% of all vehicles to be electric by 2030. According to the company, Servotech EV Infra is well-positioned to take advantage of this growth, given its strong track record and expertise in EV charging technology.
"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 INR 300 crore to set up an EV charger manufacturing plant in Uttar Pradesh under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022.
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