Servotech Power Systems announced Friday that it has formed a subsidiary, Techbec Industries Ltd, for the manufacture of batteries, in particular lithium-ion batteries, and other related activities.
Servotech Power Systems will be the holding company of Techbec Industries Ltd (TIL) and will own 63.5% of the share capital of the new battery manufacturing entity, the company said in a regulatory filing.
The new subsidiary was incorporated with the authorized capital of Rs 10 Lakh, the filing adds.
“India needs to produce its own lithium-ion batteries in order to meet its EV (electric vehicle) targets without importing them,” Raman Bhatia, founder and managing director of Servotech Power Systems, said in the statement.
The newly launched subsidiary will be an integrated battery storage solution in the market, facilitating its goal of indigenizing the manufacture of batteries for electric vehicles, electric rickshaws and various solar-powered solutions, he said.
TIL intends to focus on supporting the electric vehicle segment and the battery-as-a-service business model offering in its commercial vehicle portfolio.
In addition to existing State Transportation Enterprises (STUs) and government fleets, TIL will also respond to all business opportunities in passenger mobility applications.
These efforts will be enhanced by our new technologically installed manufacturing unit in Safiabad, Sonipat, Haryana.
The soon to be operational facility spans 40,000 square feet and has the capacity to produce up to 6,00,000 battery units per year.
This workshop will be equipped with state-of-the-art fully automated production lines and test facilities for the manufacture of bespoke battery modules, packs and containerization.
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