New Delhi: Servotech Renewable Power System Ltd, formerly Servotech Power Systems Ltd, has signed a Memorandum of Understanding (MoU) with the Haryana Enterprises Promotion Centre (HEPC), under the state's Department of Industries & Commerce, to expand its manufacturing and warehousing operations in Haryana with a proposed investment of approximately Rs 400 crore.
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The MoU was executed on June 1, the company said on Tuesday. In a statement, the company said the investment is expected to generate around 500 direct and indirect jobs.
The pact was signed in the presence of Haryana Chief Minister Nayab Singh Saini at the launch of the 'Make in Haryana' Industrial Policy 2026, held in Gurugram on June 1. According to the company, the event also unveiled a compendium of nine sectoral policies aimed at positioning the state as a destination for industrial and clean-energy investment.
The company said the proposed investment will be deployed in phases over the next 24 to 36 months to expand capacity across EV chargers, solar products, battery packs, Battery Energy Storage Systems (BESS) and power electronics, segments it identified as thrust areas under the new state policy. The aim is to scale production, improve operational efficiencies, deepen import substitution and serve domestic and export demand, said the company. The specific site within Haryana is still under evaluation, it added.
The company told the stock exchanges in a regulatory filing that the pact establishes a "framework for collaboration and cooperation" between the company and various departments of the Haryana government, with the state, through HEPC, committing to provide facilitation and ease-of-doing-business support.
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Commenting on the development, Raman Bhatia, Managing Director, Servotech Renewable Power System Ltd, said, "Our proposed Rs 400 crore investment aligns with Servotech's long-term vision of scaling renewable energy manufacturing capabilities and is a meaningful step towards our stated ambition of reaching Rs 1,500 crore in revenue by FY 2027." He added that the company was "delighted to partner with the Government of Haryana," describing the state as "one of India's most progressive investment destinations."
Servotech, an NSE-listed firm that describes itself as a leading manufacturer of solar and renewable energy solutions, has a portfolio spanning DC chargers, solar inverters (hybrid and grid-tied models), BESS and lithium-ion battery packs.