Servotech Power Systems Ltd., a leading Indian electrical equipment manufacturer, has announced plans to venture into the production of electric vehicle (EV) components. With an initial investment of Rs 30 crore, the company aims to tap into the growing demand for electric vehicles in the Indian market.
The decision comes in response to the rapidly increasing adoption of EVs in India, driven by supportive government policies and rising environmental concerns. As the country aims to reduce carbon emissions and dependence on fossil fuels, there is a pressing need for reliable and efficient EV components. Servotech Power, with its expertise in electrical equipment manufacturing, aims to address this demand and contribute to India’s sustainable mobility goals.
The company plans to initially focus on manufacturing lithium-ion battery packs, motor controllers, and electric vehicle chargers. These components are crucial for the functioning of electric vehicles and their availability at competitive prices is essential to promote their widespread adoption. Servotech Power aims to leverage its existing infrastructure and technical capabilities to ensure high-quality and cost-effective production.
The Rs 30 crore investment will be utilized for setting up a state-of-the-art manufacturing facility, procuring advanced machinery, and developing R&D capabilities. The facility will be equipped with automation and robotics to optimize efficiency and productivity. Servotech Power believes that adopting advanced technologies will enable it to meet the evolving demands of the EV industry and maintain a competitive edge.
The company aims to leverage its well-established distribution network and partnerships with automobile manufacturers to promote its EV components. By collaborating with leading EV manufacturers, Servotech Power plans to co-develop customized solutions that cater to specific vehicle requirements.
This foray into the EV component manufacturing segment highlights Servotech Power’s commitment to innovation and sustainability. The company’s investment in this emerging industry not only aligns with the government’s push for electric mobility but also signifies its willingness to adapt to market trends and diversify its offerings. Servotech Power’s entry into the EV component manufacturing sector is expected to create employment opportunities and contribute to the growth of India’s green economy.
And in the last, Servotech Power’s decision to invest Rs 30 crore in manufacturing EV components demonstrates its forward-thinking approach and dedication to building a greener and more sustainable future. With its expertise and commitment to quality, the company is well-positioned to make significant contributions to the development of India’s electric vehicle industry.