AUGUST 20239SERVOTECH POWER TO MANUFACTURE EV COMPONENTS, LITHIUM-ION BATTERIES WITH INITIAL INVESTMENT OF RS .30 CRServotech Power Systems recently announced an initial investment of Rs 30 crore to manufacture EV charger components and lithium-ion batteries. By March 2025, the initial investment will total Rs. 300 crore and be made with the company's subsidiary Techbec Green Energy Pvt Ltd. According to a statement from Servotech Power, the initial investment will be used to buy testing tools, labour, machinery, and cutting-edge technology, as well as assist other related activities.A 40,000 square foot facility in Sonipat, Haryana has been purchased to move the plans forward. Here, lithium-ion batteries and EV charger components like power modules, connectors, control cards, and PLC modules will be produced.The initial investment of Rs. 30 crore, according to the company's founder and MD Raman Bhatia, will be used to buy testing equipment, hire skilled labour, buy cutting-edge gear and technology, and support other relevant activities."Our new subsidiary represents a significant turning point in our effort to facilitate the wider use of electric vehicles. We want to support the Make in India initiative and provide electric car owners with technologically cutting-edge charging infrastructure by producing EV charger components domestically," he said. Leading producer of solar, EV chargers, power-backup, and other intelligent power solutions is Servotech Power. ADANI TRANSMISSION IS NOW RENAMED TO ADANI ENERGY SOLUTIONS LTDThe power distribution and transmission division of the Adani Group, Adani Transmission Limited, will now be branded as Adani Energy Solutions Limited. With operations in 14 states and a total transmission network of 19,779 ckm, of which 15,371 ckm are operating and 4,408 ckm are in various phases of construction, ATL is the largest private transmission firm in the nation."In continuation to our earlier intimations dated 29th May 2023 and 19th July 2023 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that the name of the Company has changed from 'Adani Transmission Limited', the Adani Group stated in a regulatory filing. According to the even-dated "Certificate of Incorporation pursuant to change of name" obtained from the Registrar of Companies, "'Adani Energy Solutions Limited' will be in effect as of July 27, 2023.The board previously agreed to change the company's name from Adani Transmission to Adani Energy Solutions, subject to receiving relevant clearances. Adani Transmission is well positioned to provide exponential growth, and we are working to meet our country's enormous electrical needs and expand our position as a world-class utility, according to Gautam Adani.Adani Transmission made a commitment to achieve net zero emissions by 2050, to keep global warming to 1.5 degrees Celsius over pre-industrial levels by verifiable initiatives, and to join the UN Energy Compact as a signatory to advance SDG 7. "We are devoted to our pursuit of energising and providing continuous and dependable electricity supply across all areas through our assets in India," Gautam Adani furthered. "We are expediting the transition to a sustainable and stable grid."The company said its transmission business revenue growth in the fourth quarter was driven by newly-commissioned lines, and rise in distribution revenue on account of a consistent uptick in energy demand. AUGUST 20239TOPSTORY
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