UP govt, Servotech sign MoU to set up EV charger manufacturing plant

The Uttar Pradesh government and Delhi-based electric vehicles charger maker Servotech Power Systems have signed a memorandum of understanding (MoU) to set up a new EV charger manufacturing plant in the state. The upcoming plant will be set up at an investment of Rs 3,000 crore under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022.

The company in a statement on NSE said that the new manufacturing plant will have the capacity to manufacture 10,000 EV DC fast chargers every year. The plant will also create direct employment for more than 500 people. The facility will likely become partially operational in the first quarter of FY2025. 

The chargers will be manufactured for both domestic and export markets, the Delhi-based company said in a statement.

Raman Bhatia, founder and MD, Servotech Power, said that the country's most populous state Uttar Pradesh has huge potential to become the manufacturing hub of electric vehicles, chargers and batteries.

"Servotech will utilise this opportunity to establish a state-of-the-art manufacturing plant that will help to build a phenomenal ecosystem for EV charging and actively contribute to a clean and green environment," he said in a statement.

"This MoU is a major step towards our goal of making Uttar Pradesh a leading EV manufacturing hub in India. We are confident that this plant will create a significant number of jobs and boost the state’s economy," IAS Prathamesh Kumar, special secretary to Chief Minister Yogi Adityanath, said.

Servotech Power Systems is a leading manufacturer of solar, EV chargers, power-backup and other smart power solutions including lithium batteries. The company's total revenue in the first quarter of the current financial year (Q1FY24) more than doubled to Rs 79.81 crore from Rs 32.06 crore in the year-ago quarter. Its net profit stood at Rs 4.10 crore in the June quarter.