HomeBusiness ›Servotech Announces Formation of New Subsidiary to Manufacture EV Charger Components and Li-ion Batteries

Servotech Announces Formation of New Subsidiary to Manufacture EV Charger Components and Li-ion Batteries

The company along with the subsidiary plans to invest INR 300 Crores additionally by March 2025 with an objective to attain a prominent operational scale.

July 29, 2023. By Nivedita Ojha

Servotech Power Systems Ltd. announces the set-up of an entirely owned new subsidiary Techbec Green Energy Pvt. Ltd. with the vision to indigenously manufacture key components for Electric Vehicle chargers.

The subsidiary will be equipped with a groundbreaking manufacturing amenity spreading throughout 40,000 sq. ft. in Sonipat, Haryana, and will focus on the manufacturing of key EV charger components like Power modules, CCS 2 guns, Type 2 guns, Connectors, Control Cards, and PLC Modules and Lithium-ion Batteries.

The company along with the subsidiary plans to invest INR 300 Crores additionally by March 2025 with an objective to attain a prominent operational scale.

Further to streamline the corporate structure, Servotech is divesting its stake of 63.5% in its subsidiary Techbec Global Solutions Pvt. Ltd.

Raman Bhatia, Founder and MD of Servotech, said, that an initial investment of INR 30 Crores will be allocated towards acquiring testing equipment, hiring skilled manpower, obtaining advanced machinery and technology, and supporting other related activities.

He further added, “Our new subsidiary marks an important milestone in our journey towards supporting the widespread adoption of electric vehicles. By making EV charger components domestically, we aim to contribute to the Make in India initiative while ensuring availability of technologically advanced charging infrastructure for electric vehicle users”.

This strategic decision to offer high-quality, domestically made components for EV charging infrastructure aligns perfectly with Servotech’s commitment to supporting the Make in India initiative while contributing to India’s transition towards cleaner and greener energy solutions.
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