Powering India’s Electric Future

The Rise of EV Charging Infrastructure and Servotech’s Strategic Play

Abstract

Electric mobility in India has progressed from being a niche aspiration to a rapidly expanding market reality. Since early governmental impulses, such as the introduction of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme in 2015, the country’s EV sector has pivoted from limited consumer interest to a more robust market ecosystem in less than a decade. By September 2024, electric vehicles (EVs) had grown to represent around 5 percent of overall vehicle sales, led overwhelmingly by two- and three-wheelers. Though that figure may seem modest in absolute terms, growth trajectories and policy commitments forecast a far larger penetration in the next five years. Against this backdrop, the availability of EV charging infrastructure has emerged as a linchpin: without widespread, reliable points to recharge batteries, mass adoption and sustained enthusiasm for e-mobility remain impossible.

The Indian government envisions that by 2030, the share of EVs in new vehicle sales could top 40 percent overall—a target that translates to tens of millions of additional electric two-, three-, and four-wheelers on roads already strained by traffic and pollution. FAME-II, launched in 2019, has offered further impetus by funding both vehicle subsidies and the development of public charging stations across major cities. India’s Ministry of Power additionally introduced guidelines for charging infrastructure in 2022 (amended further in April 2023) to standardize tariffs and connection procedures, removing certain operational grey areas. Despite these measures, experts warn that India might need anywhere from 400,000 to over a million public charging stations by 2030—far beyond the 16,000 or so installed as of March 2024.

Against this policy-driven and increasingly competitive backdrop, a range of companies—from energy conglomerates like Tata Power to rising specialized players such as Servotech Renewable Power System Limited —have been attempting to meet the urgent need for more charging options across highways, petrol pumps, city centres, and even remote townships. This paper explores a panoramic assessment of India’s EV charging sector, tracing the interplay of national regulation, market demand, and strategic company moves. Particular emphasis is placed on emerging players such as Servotech in contrast with established players such as Tata Power, whose evolution in the Indian charging arena neatly illustrates both the immense potential and the continuing operational hurdles that characterize the field.