Servotech welcomes PM E-Drive Scheme - Check details

The Union Cabinet has approved the PM E-Drive Scheme with an outlay of Rs 10,900 crore for two years to boost the adoption of electric vehicles in India, replacing the flagship FAME programme that ran for nine years till March. Servotech, which develops tech-enabled EV Charging solutions, has welcomed the move as the company feels that the scheme will give the industry’s players and major stakeholders a launchpad to establish a well-connected charging network. 

The scheme proposes the installation of - 

- 22,100 fast chargers for e-4 Ws

- 1,800 fast charger for e-buses

- 48,400 fast chargers for e-2W/3Ws

The decision on the PM Electric Drive Revolution In Innovative Vehicle Enhancement (PM E-DRIVE) Scheme was taken at the meeting of the Union Cabinet chaired by Prime Minister Narendra Modi, Information and Broadcasting Minister Ashwini Vaishnaw told reporters here.

The scheme will support 24.79 lakh electric two-wheelers, 3.16 lakh e-three-wheelers, and 14,028 e-buses.

Also, electric two-wheeler buyers can avail a maximum subsidy of up to Rs 10,000 in the first year of the PM E-DRIVE Scheme to be rolled out soon, Union Heavy Industries Minister HD Kumaraswamy said on Thursday.

Addressing a media briefing, Kumaraswamy said the subsidy under the PM E-DRIVE Scheme for electric two-wheelers has been fixed based on battery power at Rs 5,000 per kilowatt hour but the overall incentive will not exceed Rs 10,000 in the first year.

In the second year, it will be halved by Rs 2,500 per kilowatt hour, and the overall benefit will not exceed Rs 5,000.

Meanwhile, the company has secured a contract to build 11 DC Fast EV charging stations from Bangalore Electricity Supply Company Limited (BESCOM). 

This contract involves Servotech installing public electric vehicle (EV) charging stations at 11 Regional Transport Office (RTO) premises across Karnataka. 

"The project will significantly enhance the charging infrastructure for electric vehicles, making it more convenient for EV owners to charge their vehicles across various regions of Karnataka," the company said in an exchange filing.