New Delhi : Servotech Power Systems Ltd. has announced that it has incorporated a subsidiary, Techbec Industries Limited (TIL), which will be engaged in the manufacturing of batteries, particularly lithium-ion batteries, and other allied activities. TIL was issued the Certificate of Incorporation on September 13, 2022, and Servotech, which will be the holding company of TIL, would hold 63.5% share capital in the newly established battery manufacturing entity. The new subsidiary has been incorporated with the authorised capital of Rs. 10 Lakhs comprising 1,00,000 Equity shares of Rs. 10/- each, Servotech added in the exchange filing.
“India must produce its own lithiumion batteries in order to achieve its EV goals without importing any. The National Mission on Transformative Mobility was established by the government to support initiatives for the stepped manufacture of batteries and EV components. Servotech’s newly launched subsidiary will be one of the most bankable and competitive integrated battery storage solutions in the market, extending and facilitating its goal of indigenizing battery manufacturing for EVs, E-rickshaws, and varied solar-powered solutions. TIL intends to bring specific focus to support the electric vehicle (EV) segment and the battery-as-a-service business model offering across its portfolio of commercial vehicles. In addition to the existing State Transport Undertakings (STUs) and government fleets, TIL will also cater to all business opportunities across passenger mobility applications. These efforts will be bolstered from our tech-enabled, newly-setup manufacturing unit at Safiabad, Sonipat, Haryana. The facility which will shortly be operational is spread in 40,000 Sq. ft. and has the capacity to produce up to 6,00,000 units of battery pack annually. This workshop will be equipped with fully-automated, cutting-edge production lines and testing facilities for the making of custom-designed battery modules, packs, and containerization” Raman Bhatia, Founder and Managing Director, Servotech Power Systems said.