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Servotech Power Systems announces subsidiary to manufacture key EV components
Industry News- Aug 01,23
The establishment of a wholly owned new subsidiary Techbec Green Energy aim to indigenously manufacture key components for Electric Vehicle (EV) chargers.
India’s leading EV Charger manufacturer Servotech Power Systems Ltd. is pleased to announce the establishment of a wholly owned new subsidiary Techbec Green Energy with the aim to indigenously manufacture key components for Electric Vehicle (EV) chargers. The subsidiary will be equipped with a state-of-the-art manufacturing facility spanning across 40,000 sqft 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.
Servotech along with its subsidiary envisages an initial investment of Rs 30 crore, which will be utilised to procure testing equipment, manpower, machinery, and cutting-edge technology and support other allied activities. Further, the company along with the subsidiary plans to invest Rs 300 crore additionally by March 2025 with an aim to achieve a prominent operational scale. Further to streamline the corporate structure, Servotech is divesting its stake of 63.5 per cent in its subsidiary Techbec Global Solutions.
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.
Raman Bhatia, Founder and MD, Servotech, stated, "We are pleased to announce the establishment of our new subsidiary Techbec Green Energy. Servotech together with its subsidiary is set to embark on an initial investment of Rs 30 crore. This capital will be allocated towards acquiring testing equipment, hiring skilled manpower, obtaining advanced machinery and technology, and supporting other related activities. Furthermore, the company and its subsidiary intend to further invest Rs 300 crore by March 2025, aiming to attain a significant operational scale in the entire EV charging ecosystem. This capital infusion will significantly bolster the company’s and its subsidiary's capabilities, unlocking its true potential for success.
This new subsidiary will have a team of experienced engineers and technicians. By manufacturing these key EV Charger components in-house, Servotech aims to enhance supply chain efficiency, reduce dependence on imports, and ensure the availability of safe, reliable and cost-effective solutions for the rapidly expanding EV market.
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 the availability of technologically advanced charging infrastructure for electric vehicle users.
Further, we would also like to highlight the successful divestment of our subsidiary, Techbec Global Solutions which was primarily engaged in manufacturing battery storage solutions like lithium-ion batteries and other allied activities for EVs, E-rickshaws and varied solar-powered solutions. While the subsidiary has shown promising growth and achievements, the management envisions future goals that demand a broader platform for expansion and innovation. As part of its long-term vision, Servotech aims to focus its resources and investments on ventures that offer greater potential for scalable growth and market penetration. The divestment allows Servotech to realign its portfolio, optimise its resources, and pursue new opportunities in line with its core business objectives.
Servotech Power Systems
EV Charger manufacturer
Techbec Green Energy
Sonipat
Haryana
Power modules
CCS 2 guns
Type 2 guns
Connectors
Control Cards
PLC Modules
Lithium-ion Batteries
Raman Bhatia
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