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Press Release - September 16, 2022

Servotech Announces Incorporation of New Subsidiary Dedicated to Battery Manufacturing Techbec Industries Limited

New Delhi, September 16 2022: NSE-listed 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.

On this occasion, Raman Bhatia, Founder and Managing Director, Servotech Power Systems quoted, “India must produce its own lithium-ion 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 fullyautomated, cutting-edge production lines and testing facilities for the making of custom-designed battery modules, packs, and containerization.”

As people become more aware of climate change and its effects on the environment, they are adopting greener practices. People are now considering adopting electric vehicles and sustainable energy sources to lessen their carbon footprints as a result of the issue's increased awareness. The newly-benchmarked IS-17855 standard by the Bureau of Indian Standards is used to assess the performance of lithium-ion battery packs (BIS). In order to evaluate parameters such as energy efficiency, cranking power, quick charging efficiency, temperature-dependent deterioration, loss of charge during storage, and others, BIS has developed a new set of performance tests for this standard. Lithium battery Star Ratings were recently introduced by the Bureau of Energy Efficiency (BEE). With this criteria in place, customers would be able to distinguish between various battery packs in terms of safety, quality, and other factors, which may promote adoption and confidence.

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About Servotech Power Systems Limited:

Servotech Power Systems is an NSE-listed organization that develops tech-enabled EV Charging solutions leveraging their over two decades of experience and expertise in the electronics space. We offer an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic. With our comprehensive engineering capabilities, we plan to play a pivotal role in developing India's EV tech infrastructure. A trusted brand with a strong pan-India presence, our legacy is marked by proven innovation and distribution of high-end LED lighting and UV-C disinfection products, along with medical-grade oxygen concentrators and its makings.

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