Servotech Power is investing a whopping Rs 100 crore in setting up a facility for EV charger components
Manufacturing capacity will be increased to 2.4 lakh to cater to the fast-growing Indian EV market, which will require around 6 lakh units annually, the company said.
New Delhi: Servotech Power Systems on Thursday announced that the company will invest as much as Rs 100 crore in setting up a factory for manufacturing components for EV chargers. According to the company’s statement, the project will take place at Sonipat in Haryana, Servotech Power said in a statement.
“The company is investing Rs 100 crore to set up a manufacturing facility for EV charger components. The factory will have an initial annual production capacity of 24,000 power modules,” the report said.
The production capacity will be increased to 2.4 lakh to cater to the fast growing Indian
The EV market will require around 6 lakh units annually, the company said.
The facility will produce power modules, control circuits and power line communications.
Speaking about the purpose behind the investment, Chief Technical Officer Arun Handa said, “Our aim is to make Servotech a preferred supplier of EV chargers as well as a preferred supplier of OEM power modules for Indian EV charger manufacturers.” Servotech Power Systems is a publicly traded entity that develops technology-based EV charging and solar energy solutions.
(With PTI inputs)