Servotech signs MoU with HEPC for Rs 400 crore Haryana expansion
Servotech Renewable Power System Ltd. has signed a Memorandum of Understanding (MoU) with the Haryana Enterprises Promotion Centre (HEPC) to expand its manufacturing and warehousing operations in Haryana. The proposed investment is approximately Rs 400 crore.
The agreement was signed during the launch of the ‘Make in Haryana’ Industrial Policy 2026 in Gurugram on June 1, in the presence of Hon’ble Chief Minister Shri Nayab Singh Saini. The investment is expected to be implemented in phases over the next 24 to 36 months.
According to the company, the project is expected to create around 500 direct and indirect employment opportunities. The expansion will increase Servotech’s manufacturing capacity across several clean energy segments identified as priority sectors under the new state policy, including EV chargers, solar products, battery packs, Battery Energy Storage Systems (BESS), and power electronics.
The company said the planned expansion is aimed at improving operational efficiencies, supporting import substitution, and strengthening its ability to meet domestic and export demand. A specific project site in Haryana is currently under evaluation.
Under the arrangement, HEPC will provide facilitation support and ease-of-doing-business assistance to help implement the project.
Commenting on the development, Raman Bhatia, Managing Director of Servotech Renewable, said Haryana has emerged as one of India’s most progressive investment destinations and that the proposed Rs 400 crore investment aligns with the company’s long-term strategy to expand renewable energy manufacturing capabilities. He added that the project supports Servotech’s stated goal of achieving Rs 1,500 crore in revenue by FY 2027.
Servotech Renewable Power System Ltd., formerly known as Servotech Power Systems Ltd., is an NSE-listed company engaged in EV charging and renewable energy solutions. Its product portfolio includes DC chargers, solar inverters, including hybrid and GTI models, BESS, and lithium-ion battery packs.
Photo credit: Servotech Renewable Power System Ltd