Saturday, December 2, 2023

Servotech Power Systems Ltd. Incorporates New Subsidiary ‘Servotech EV Infra Pvt.Ltd.’

Servotech Power Systems Ltd, India’s premier EV Charger manufacturer, proudly declares the creation of its wholly owned subsidiary, Servotech EV Infra Pvt Ltd. With experience of more than 20 years, the company has been the leading EV charger provider to various renowned oil marketing companies and EV charging station providers and now Servotech Power Systems is foraying into the EV Charge Point Operator business by establishing its wholly-owned subsidiary. Servotech Power Systems will manufacture and supply EV chargers to Servotech EV Infra and they will do business as a CPO for these EV chargers. This development will clearly define the different roles of the two businesses and safeguard their individual interests.

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. With a dedicated mission to contribute significantly to India’s e-mobility goals, Servotech EV Infra Pvt. Ltd. aims to establish 5000 EV Charging Stations across the nation in the upcoming years, which will result in the creation of a robust EV charging infrastructure, ultimately leading to the development of sustainable transportation.

Commenting on the announcement, the Founder and Managing Director of Servotech Power Systems Ltd., Raman Bhatia, stated, “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. The recent expansion into the EV CPO business with Servotech EV Infra reflects our dedication to playing an important role in advancing the EV infrastructure
landscape, catering to the growing number of EVs in the country. This subsidiary seamlessly integrates with our mission of providing reliable and accessible charging solutions, addressing the critical need for a well-developed charging network to support the EV market and we are optimistic that our efforts will contribute significantly to completing this mission, solidifying our position as a prominent player in India’s sustainable and thriving EV ecosystem.”

Further, the board approved the issue of preferential warrants to various promoter and non-promoter group persons, subject to approval of members. The warrants will be issued to FIIs (Foreign Institutional investors) – AG Dynamic Funds Ltd., Minerwa Ventures Fund, Coeus Global Opportunities Fund-1 & Forbes EMF, amongst other non-promoter group persons. The said warrants will also be issued to Mr. Raman Bhatia, the promoter of the company. The company will raise a total of up to Rs. 73.80 Crores through the issue of these convertible warrants.

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 company offers an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic. With its comprehensive engineering capabilities, the company plans to play a pivotal role in developing India’s EV tech infrastructure. A trusted brand with a strong pan-India presence, Servotech Power Systems’ legacy is marked by proven innovation and distribution of high-end LED lighting and UV-C disinfection products, along with medical-
grade oxygen concentrators and its makings.

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