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Servotech Power Systems Forays Into EV Charge Point Operations With New Subsidiary
Dalal Street Investment Journal
|December 04, 2023
The company's board of directors has also approved the issue of preferential warrants to FII investors, amongst other promoter and non-promoter group entities
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Servotech Power Systems Ltd., India’s premier electric vehicle (EV) charger manufacturer, has announced the creation of a wholly-owned subsidiary, Servotech EV Infra (P) Ltd. With experience of more than 20 years, the company has been a 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 the subsidiary.
Servotech Power Systems will manufacture and supply EV chargers to Servotech EV Infra and they will do business as a CPO for the 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 per cent of all vehicles to be electric by 2030 and Servotech EV Infra is well-positioned to capitalise on this growth with its strong track record and expertise in EV charging technology.
This story is from the December 04, 2023 edition of Dalal Street Investment Journal.
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