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 revealed its plans to deploy 5,000 EV charging stations nationwide. To facilitate this initiative, the company has established a subsidiary named Servotech EV Infra, which will operate as a Charge Point Operator (CPO) for these EV chargers.
"Servotech Power Systems is venturing into the EV CPO business by creating its wholly owned subsidiary. It will produce and provide EV chargers to Servotech EV Infra, which will operate as a CPO for these EV chargers," the company stated.
The decision to enter the EV charging market is underpinned by the anticipation of rapid growth in the sector in the coming years, driven by the government's goal to have 30 percent of all vehicles in the country be electric by 2030.
Servotech EV Infra is strategically positioned to leverage this growth, leveraging its robust track record and expertise in EV charging technology, the company noted.
"This move will prove to be a significant game changer. Expanding into the EV CPO business with Servotech EV Infra reflects our commitment to playing a crucial role in advancing the EV infrastructure landscape and addressing the increasing number of EVs in the country," stated Raman Bhatia, Founder and MD of Servotech Power Systems.
In line with this expansion, Servotech Power Systems is investing Rs 300 crore to establish an EV charger manufacturing plant in Uttar Pradesh under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022.