Servotech Renewable Power System has secured a significant order for the supply and installation of electric vehicle (EV) chargers across various locations in India. The order has been awarded by Oil Marketing Companies and Public Sector Undertakings (PSUs), marking a notable achievement for the company.
The order encompasses the supply, installation, and commissioning of 375 units of 60 kW EV chargers and 48 units of 120 kW EV chargers. This initiative is part of a broader effort to enhance the EV infrastructure in the country, supporting the growing demand for electric vehicles.
The terms and conditions of the contract follow standard procedures, and the project is classified as a domestic order. The execution timeline will adhere to the specifications outlined in the contract.
Importantly, the company has clarified that neither the promoter nor the promoter group has any interest in the awarding entities, ensuring transparency in the transaction. Additionally, the order does not fall under related party transactions, further affirming its arm’s length nature.
This development underscores Servotech’s commitment to contributing to the green energy sector by expanding its footprint in the EV charging infrastructure domain.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Kinjal and reviewed by Aman Shukla before publication.