en.Wedoany.com Reported - Servotech Renewable Power System Ltd. has signed a Memorandum of Understanding (MoU) with the Haryana Enterprise Promotion Centre (HEPC), under the Department of Industries and Commerce of the Government of Haryana, to invest approximately Rs 4 billion to expand its manufacturing and warehousing operations within the state.
The MoU was signed on June 1, 2026, in the presence of Haryana Chief Minister Nayab Singh Saini during the "Haryana Manufacturing" 2026 Industrial Policy launch event in Gurugram. The event also unveiled nine sector-specific policies aimed at strengthening Haryana's position as an investment destination for industry and clean energy.
Under the agreement, both parties will collaborate to advance the company's expansion project in Haryana. The investment is expected to create approximately 500 direct and indirect jobs, supporting the state's industrial and economic development goals.
The investment will be implemented in phases over the next 24 to 36 months, focusing on expanding Servotech's manufacturing capabilities in electric vehicle charging stations, solar products, battery packs, Battery Energy Storage Systems (BESS), and power electronics. These sectors have been identified as priority areas under the "Haryana Manufacturing" 2026 Industrial Policy.
The company stated that the expansion aims to enhance production capacity, improve operational efficiency, promote import substitution, and strengthen its ability to meet domestic and international demand. The company is currently evaluating potential sites within the state for the proposed facilities.
As part of the MoU, the Haryana government, through HEPC, will provide facilitation support and ease of doing business assistance to ensure the smooth execution of the investment plan.
Raman Bhatia, Managing Director of Servotech Renewable Power System Ltd., stated that the investment aligns with the company's long-term strategy to expand its renewable energy manufacturing footprint and supports its goal of achieving Rs 15 billion in revenue by the fiscal year 2027. He added that the collaboration will contribute to Haryana's clean energy vision while strengthening the company's presence in the state.
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