Servotech to Establish Subsidiary for EV Charging Components Manufacturing - News

Servotech Power Systems, a prominent Electric Vehicle (EV) charger manufacturer, announced the formation of a new subsidiary, to be named Techbec Green Energy Pvt Ltd. This will focus on producing advanced EV charging components. An area of 40,000 sq ft has been established in Sonipat and Sevotech has a 99.99 percent stake in this subsidiary. 
Raman Bhatia, Founder and Managing Director, Servotech announced the new subsidiary’s ambitions of raising an initial investment of INR 30 crore. This will be used to acquire testing equipment, hire skilled man power, obtain advanced machinery and other related activities. The company and its subsidiary are hopeful to invest INR 300 crore by March 2025, to scale the EV charging ecosystem.
Servotech's expertise in the EV charging domain positions the new venture as a significant player in the industry, with net profits at INR 4.10 crore in June Quarter. Additionally, its total revenue doubled to INR 79.81 crore, from INR 32.06 crore in the corresponding previous quarter. 
Its partnership with Dubai’s AI Ansari Motors LLC is a step towards opening up EV solutions to the Middle Easter and African markets. The subsidiary is slated to commence operations in the coming months and is expected to contribute significantly to the evolution of sustainable transportation.