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Servotech Signs MoU with UP Govt. to Set up 300 Cr. EV Charger Plant

Servotech Power Systems Ltd. has signed a Memorandum of Understanding (MoU) with Uttar Pradesh Government for the development of an Electric Vehicle (EV) charger manufacturing plant. This facility will be developed under UP Electric Vehicle Manufacturing and Mobility Policy 2022.

The company will invest approximately Rs. 300 crore for setting up the aforementioned plant and generating more than 500 jobs. This upcoming plant will be developed in phases and it is expected to commence operations in the first quarter of 2025. Servotech’s EV charger manufacturing plant will produce about 10,000 EV Direct Current (DC) fast chargers every year for both domestic and export markets.

Earlier, in July 2023, Servotech announced an investment of Rs. 30 crore for the manufacturing of EV chargers and Li-ion batteries in Haryana.