Servotech Power Systems said it will invest Rs 100 crore for setting up a facility to manufacture components of EV chargers.

The project will come up at Sonipat in Haryana, Servotech Power said in a statement.

"The company is investing Rs 100 crore for setting up an EV charger component manufacturing facility. The plant will have an initial annual production capacity of 24,000 power modules," it said.

Its production capacity will be ramped up to 2.4 lakh in order to cater to the rapidly growing Indian EV market, which will require around 6 lakh units annually, the company said.

The facility will produce power modules, control circuits, and power line communications.

On the objective behind the investment, Chief Technical Officer Arun Handa said, "Our goal is to make Servotech a preferred supplier of EV chargers as well as a preferred OEM supplier of power modules for Indian EV charger manufacturers."