"Servotech Power Systems Secures Order for 1500 DC Fast EV Chargers from HPCL and Other OEMs"

Servotech Power Systems Ltd., a prominent EV charger manufacturer in India, has clinched a substantial contract for approximately 1500 DC fast EV chargers from Hindustan Petroleum Corporation Limited (HPCL) and various other EV charger OEMs. The order, valued at 102 crores, encompasses two charger variants of 60 kW and 120 kW.

HPCL's portion of the order entails Servotech's manufacturing, supply, and installation of DC EV chargers nationwide, with a focus on deployment at HPCL's retail outlets. Additionally, Servotech will produce and supply the remaining chargers to other EV charger OEMs. This strategic move aims to enhance consumer accessibility to EV charging infrastructure, fostering decarbonized mobility and addressing the evolving demands of the sustainable automotive industry.

Sarika Bhatia, Director of Servotech Power Systems Ltd., expressed her enthusiasm, stating, "We are proud to contribute to India's E-Mobility revolution in collaboration with HPCL, accelerating the transition to a sustainable future. As a leading EV charger manufacturer, our mission is to transform India into a nation where EVs are not just a concept but a tangible reality, driven by a shared vision and unwavering dedication."

She further added, "We are confident that our state-of-the-art DC fast EV chargers will establish crucial e-mobility touchpoints, streamline transactions, enhance availability, simplify discovery, and facilitate navigation for EV users. Our proactive support ensures a seamless transition towards a cleaner, more sustainable transportation ecosystem."

This announcement serves to inform Servotech's shareholders of the company's recent triumph in the burgeoning EV charger market. The order from HPCL and other OEMs underscores Servotech's product excellence and operational prowess, positioning the company favorably for future growth within the Indian EV market.

EQUITYBULLS