Servotech Power Systems has announced that it has signed an agreement with Dubai-based A1 Ansari Motors to provide electric vehicle charging solutions in the Middle Eastern and African markets. According to a regulator filing by the New Delhi-based company, the partnership will offer a firm path for future developments with cutting-edge technology and faster charging speeds.
Under the pact, Servotech Power will aim to create an organised and integrated EV charging infrastructure in the region. "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," Raman Bhatia, founder and MD, of Servotech Power, said.
Al Ansari Motors LLC is into motor vehicles and accessories trading.
"The agreement will result in both generating sustainable profits and evolving the future of electric vehicles," Mohammad Humaid Alansari, founder, of Al Ansari Motors, said.
Servotech Power Systems operates in the electric or electronics sector. Servotech Power shares closed at Rs 41.35 on NSE on Tuesday. The scrip has yielded a whopping 91 per cent return in the past one year.