Dubai-based Al Ansari Motors and NSE-listed Servotech Power Systems Limited (SPSL) have entered into an agreement to provide electric vehicle charging solutions to the Middle Eastern and African markets.
The partnership aims to create an organized and integrated EV charging infrastructure in the Middle East and African region, while also offering a solid path for future growth with state-of-the-art technology and faster charging speeds, SPSL said in a statement on Monday. Is.
The two entities have signed a sole distribution agreement, which will see Al Ansari Motors bring Servotech’s EV charging capabilities to segments of potential electric vehicle adopters in these markets, SPSL said in a statement on Monday.
There exists a vast untapped market potential and a sea of potential electric vehicle users in the Middle East and Africa, said Raman Bhatia, Founder and Managing Director, Servotech Power Systems Ltd. Each charging point set up under the agreement will be accessible to all electric four-wheelers.
Mohammed Humaid Alansari, Founder of Al Ansari Motors, said: “This agreement gives us the opportunity to make Servotech’s comprehensive EV charging solutions more accessible and affordable in our core markets. This will result in sustainable profits and develop the future of electric vehicles. ” ,
In 2022, the Government of India envisions enrolling over 18 lakh Electric Vehicles (EVs) and 5,151 EV charging stations across the country. Of these, Servotech contributed around 25% of the new EV stations, with 1400 chargers installed by December 2022. Servotech is currently working to rank among the top three EV charger manufacturers in India. Servotech embarks on a new EV charger manufacturing facility with a production capacity of 60 thousand to 6 million charges annually.
During Q3FY23, Servotech Power Systems declared interim dividend 0.20/- per share for FY22-23, announced stock split 1:5 ratio and raised 77% of the preferential issue through Foreign Portfolio Investor; The rest was raised through Indian individuals and corporates.
Servotech Power Systems shares closed today on NSE 41.35 per share, up 1.60% from its previous close. 40.70. The stock is up 91.08% in last 1 year and on YTD basis it is up 27.70% in 2023 so far.
(With inputs from PTI)
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