Servotech Power Systems, a Delhi-based provider of electric vehicle (EV) charging solutions, has unveiled its ambitious plan to establish 5,000 EV charging stations across India. To facilitate this expansion, the company has created a new subsidiary called Servotech EV Infra Pvt Ltd, which will operate as a EV Charging Point Operator (CPO).
The EV charging market in India is expected to experience significant growth in the coming years, as the government aims for 30% of all vehicles in the country to run on electricity by 2030. Recognizing this potential, Servotech EV Infra has outlined its goal of developing a robust EV charging infrastructure by establishing 5,000 charging points nationwide. This will contribute to the growth of sustainable transportation in the country.
Raman Bhatia, founder and Managing Director of Servotech Power Systems, emphasized that the company already has a significant presence in the EV charger market in India. The creation of the new subsidiary will further consolidate their position and allow them to actively participate in the expansion of the EV charging infrastructure landscape. Bhatia’s sentiment reflects the company’s commitment to meeting the growing demand for EV charging solutions in India.
Servotech Power Systems is a leading manufacturer of solar power solutions, EV chargers, backup power, and other smart energy solutions. Recently, the company signed an agreement with the Uttar Pradesh government to establish an EV charger manufacturing plant in the state, with an investment of Rs 300 crore.
In the current fiscal year’s second quarter, Servotech Power Systems reported an impressive increase in net profits, reaching Rs 3.12 crore, more than three times higher than the previous year. The company’s revenues also doubled, reaching Rs 86.59 crore compared to Rs 40.24 crore in the same quarter last year.
Despite the good news from Servotech Power Systems, its shares on the National Stock Exchange (NSE) experienced a slight decline of over 1%, closing at Rs 76.50 on Monday.
Frequently Asked Questions:
– How many EV charging stations does Servotech Power Systems plan to establish in India?
Servotech Power Systems plans to establish 5,000 EV charging stations across India.
– What is Servotech EV Infra Pvt Ltd?
Servotech EV Infra Pvt Ltd is a subsidiary of Servotech Power Systems that will operate as an Electric Vehicle Charging Point Operator (CPO) for EV chargers.
– What is the target set by the Indian government for electric vehicles?
The Indian government aims for 30% of all vehicles in the country to be electric by 2030.