Servotech Power Systems to instal 5,000 EV charging stations in India
"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.
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
Popular on BI
- 8 Irresistible seasonal snacks to warm your winter days
- Vijay Shekhar Sharma says 'Wed in India' is a good idea for its food options
- NCLAT stays CCI penalty on NTPC in Ratnagiri Gas & Power shares issue
- A Japanese Start-Up Is Testing a Rocket Powered Entirely By Rocket Fuel Created From Cow Dung!
- Amazon sues scammers for stealing millions of dollars via fake returns