Servotech says the EV charging market gets a boost as the government is targeting 30% of all vehicles to be electric by 2030
NEW DELHI, Nov12 (The CONNECT) - Electric vehicle (EV) Charger maker Servotech Power Systems Ltd has set up a wholly owned subsidiary to foray into the EV Charge Point Operator business.
The subsidiary, Servotech EV Infra Pvt. Ltd., will install across India the charging Stations made by the parent company.
The EV charging market is expected to grow rapidly in the coming years as the government is targeting 30% of all vehicles to be electric by 2030 and Servotech EV Infra is well positioned to capitalize on this growth, with its strong track record and expertise in the EV charging technology, the company said.
With a dedicated mission to contribute significantly to India’s e-mobility goals, Servotech EV Infra Pvt. Ltd. aims to establish 5,000 EV Charging Stations across the nation in the upcoming years.
Founder and Managing Director of Servotech Power Systems Ltd., Raman Bhatia, stated, the subsidiary seamlessly will integrate with the parent company’s mission of providing reliable and accessible charging solutions, addressing the critical need for a well-developed charging network to support the EV market.
Servotech Power Systems is an NSE-listed organization that develops tech-enabled EV Charging solutions leveraging their over two decades of experience and expertise in the electronics space. The scrip closed at Rs 74.7 on NSE on Friday.