Servotech Power Systems Ltd., a leading player in India’s electric vehicle (EV) charging sector, announced a potential investment of Rs 100 crore for setting up an EV charger component manufacturing facility at Sonipat, Haryana.
The company will partner with an international firm to set up a manufacturing facility dedicated to Power Modules, Control Circuits, and PLCs for EV chargers – three fundamental components for EV charging infrastructure.
The primary goal of this initiative is to reduce reliance on imports and strengthen India’s position in the global EV charger supply chain.
About Servotech Power System
With a strong presence across 21+ Indian States, Servotech Power Systems manages the end-to-end manufacturing process, sourcing and delivering a range of high-end and advanced solar products, medical devices, and energy-efficient lighting solutions.
However, the company not long ago entered the EV market with the launch of advanced EV charging equipment and aims to set up EV charging technology infrastructure across India.
Current Goal of Servotech Power System
Servotech Power Systems Ltd. plans to increase the supply of crucial EV charger components in India.
Their new facility would initially have an annual manufacturing capacity of 24,000 power modules. This will meet the demands of the rapidly growing Indian EV industry, estimated to require around 6 lakh units annually.
However, the company’s goal is to scale up its production capacity to 2.4 lakh power modules annually, capturing a significant share of the growing EV charging market.
The company expects its new plant to reach full operation by December 2024. As per Servotech Power Systems, this initiative will directly lead to:
- Reduced dependence on imported components.
- Creation of high-skilled jobs in India.
- Economic growth in the technology sector.
- Progression of India’s EV charging capabilities.
Vision of Servotech Power System
Earlier this month, the company secured an order for 1400 DC fast EV chargers from Indian Oil Corporation Limited (IOCL) and other EV charger original equipment manufacturers (OEMs). The order, worth Rs 111 crores, includes two charger variants: 60 kW and 120 kW.
Moreover, the company previously received orders for 1500 (HPCL and OEMs) and 1800 DC fast EV chargers (BPCL).
This brings the total number of DC fast EV charger orders from oil marketing companies and OEMs to 4700 units, with a total value of Rs 333 crores.
Servotech’s vision is to make the company a leading supplier of EV Chargers and the preferred OEM supplier of Power Modules for Indian EV Charger manufacturers.
Also, the company aims to build a strong domestic supply chain and contribute to the overall growth of the EV ecosystem, making charging solutions more affordable and widely accessible to the public.
