In order to provide electric vehicle charging solutions to the Middle Eastern and African markets, Dubai-based Al Ansari Motors and NSE-listed Servotech Power Systems Ltd (SPSL) have reached an agreement.
The partnership aims to create an organised and integrated EV charging infrastructure in the Middle East and African region while also offering a firm path for future developments with cutting-edge technology and faster charging speeds, SPSL said in a statement on Monday.
The two entities have signed a sole distributorship agreement, which will see Al Ansari Motors bring Servotech's EV charging capabilities to the potential electric vehicle adopting segment in these markets, SPSL said in a statement on Monday.
Raman Bhatia, Founder and MD of Servotech Power System Limited said, the Middle East and Africa present a huge untapped market potential and a sea of potential electric vehicle users. Each charging point installed under the pact will be accessible to all electric four-wheelers.
Mohammad Humaid Alansari, Founder at Al Ansari Motors said: "This pact gives us a chance to make Servotech's extensive EV charging solutions more accessible and affordable in our native markets. This will result in both generating sustainable profits and evolving the future of electric vehicles."
In 2022, the Indian Government enrolled more than 18 lakh electric vehicles (EVs) and 5,151 EV charging stations throughout the nation. Of these, Servotech contributed approximately 25% to the new EV stations, with 1400 chargers installed as of December 2022. Servotech is currently working to rank among the top three EV charger manufacturers in India. Servotech places emphasis on a new EV charger manufacturing facility with a production capacity of 60k to 6 lac charges annually.
During Q3FY23, Servotech Power Systems declared interim dividend of ₹0.20/- per share for FY22-23, announced stock split 1:5 ratio and raised 77% of the preferential issue through Foreign Portfolio Investor; rest raised through Indian Individuals and corporates.
The shares of Servotech Power Systems closed today on the NSE at ₹41.35 apiece, up by 1.60% from the previous close of ₹40.70. In the last 1 year the stock has gained 91.08% and on a YTD basis it has rallied 27.70% so far in 2023.
(With inputs from PTI)
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