Rs 300 crore project: This multibagger electrical equipment company signs MoU with UP Govt. to establish an EV charger manufacturing plant in Uttar Pradesh!

The stock gave multibagger returns of 1,352 per cent in just 1 year and over 4,200 per cent in 3 years.

India’s leading EV Charger manufacturer Servotech Power Systems Ltd. signed an MoU with the Government of Uttar Pradesh to set up an EV Charger manufacturing plant in the state along with backward integration. The plant will be set up under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022.

As per this MoU, Servotech will invest nearly 300 crores for this project in phases and will create employment for over 500 people. This manufacturing plant will be partially operational in the first quarter of 2025 and will have the capacity to manufacture 10,000 EV DC Fast chargers per year. The chargers will be manufactured for both domestic and export markets.

Servotech will set up the plant under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy 2022. The company will invest nearly Rs 300 crores for the project.

In line with the UP Government’s Electric Vehicle Manufacturing and Mobility Policy 2022, an EV Roundtable Conference: Exploring Opportunities to Achieve UP’s Electric Mobility Vision has been organised at Hyatt Lucknow. The purpose of this distinguished gathering is to delve into meaningful collaborative opportunities to facilitate business expansion plans in EV manufacturing, address, challenges tied to establishing a robust charging infrastructure, and foster mutually beneficial partnerships.

On this noteworthy opportunity by UP Govt., Raman Bhatia, Founder & MD, Servotech Power Systems Ltd. said, “Uttar Pradesh comprises the huge potential to become the manufacturing hub of Electric Vehicles, chargers, and batteries, etc. This opportunity has provided us with the golden chance to establish a state-of-the-art manufacturing plant that will help to build a phenomenal ecosystem for EV charging and actively contribute to a clean & green environment.

IAS Prathamesh Kumar, Special Secretary to Chief Minister and Addl. CEO, Invest UP added, the Government of Uttar Pradesh is pleased to welcome Servotech Power Systems Ltd to the state. The company's decision to set up an EV manufacturing plant in Uttar Pradesh is a major step towards making the state a leading EV manufacturing hub in India. The plant is expected to create jobs and boost the state's economy. The government is grateful to Servotech for its confidence in the state and its commitment to providing high-quality products and solutions to its customers.

On Friday, shares of Servotech Power Systems surged 0.53 per cent to Rs 86 per share with an intraday high of Rs 87.85 per share and an intraday low of Rs 84.50. The stock gave multibagger returns of 1,352 per cent in just 1 year and over 4,200 per cent in 3 years. Investors should keep an eye on this Small-Cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.