Servotech Power Systems has signed an agreement with the government of Uttar Pradesh to set up an EV charger factory in the Indian state, along with backward integration.
It said it will set up the plant under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022.
Under the terms of the agreement, Servotech will invest around $36.2 million in the project in phases. The project is expected to create about 500 local jobs.
The plant will be partly operational in the first quarter of 2025 and will manufacture 10,000 EV DC Fast chargers per year. The chargers will be manufactured for both the domestic and export markets.
