Stock Market News: Servotech Power Sets Up New Subsidiary As It Aims To Install 5000 EV Charging Stations

Stock Market News: Servotech Power Systems, a leading EV charger manufacturer in the country, has announced to set up 5,000 electric vehicle charging stations across the country.
The company said that it has set up a wholly owned subsidiary, Servotech EV Infra, that will install the new charging points. Servotech, based out of Delhi, has been the leading EV charger provider to various renowned oil marketing companies and EV charging station providers. The company has now announced to foray into the EV charge point operator business by establishing its wholly-owned subsidiary, according to an official statement uploaded on BSE. The company will manufacture and supply EV chargers to Servotech EV Infra and they will do business as a CPO for these EV chargers.

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 said that it is well positioned to capitalise on this growth, with its strong track record and expertise in the EV charging technology. “With a dedicated mission to contribute significantly to India’s e-mobility goals, Servotech EV Infra aims to establish 5,000 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 statement read. “Our company has consistently led the way in innovating within the EV charging sector and the creation of Servotech EV Infra Pvt Ltd is a natural progression in our journey. This development will prove to be a significant game changer. Being the top EV charger manufacturer and holding a significant share of the EV charger market, we acknowledge the substantial responsibilities that accompany this position,” Raman Bhatia, founder and MD, said.

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