Servotech Renewable inks pact with CIMSME to install 1 lakh rooftop solar systems

Servotech Renewable Power System announced that it has signed a MoU with the Chamber of Indian Micro, Small, & Medium Enterprises (CIMSME) to boost adoption of solar energy under the PM Surya Ghar Muft Bijli Yojana.

In support of the PM Surya Ghar Muft Bijli Yojana, they aim to install 100,000 solar rooftop systems in homes by 2026.

A key component of this initiative is the launch of a dedicated, user-friendly mobile application, developed by CIMSME in collaboration with Servotech. This app simplifies the entire solar adoption process, offering homeowners a seamless experience from initial roof inspection and documentation to installation, system monitoring, and subsidy application assistance.

To ensure efficient nationwide implementation, CIMSME will mobilise a network of approximately 30,000 individuals. Operating on a PIN code basis, this dedicated workforce will facilitate sales, provide on-the-ground support and oversee the installation process.

Raman Bhatia, founder and managing director of Servotech Renewable Power System, said, This collaboration and the launch of our mobile app represent a significant leap forward in making solar energy accessible to every Indian household. By combining our expertise with CIMSMEs extensive network, we are empowering communities and driving the nation towards a sustainable future.

Mukesh Mohan Gupta, President of CIMSME, said, We are excited to collaborate with Servotech on this transformative project. In alignment with the vision of the Hon'ble Prime Minister towards sustainable development and enhancing the wellbeing of the people, this initiative is a significant step towards nation-building. It also promotes ESG (Environmental, Social, and Governance) objectives and accelerates solar adoption across India to ensure renewable power reaches the last mile beneficiary, Mukesh Mohan Gupta added."

Servotech Renewable Power System develops tech-enabled EV charging solutions. The company offers an extensive range of AC and DC chargers that are compatible with different electric vehicles and serve multiple applications, such as commercial and domestic.

The company's consolidated net profit surged to Rs 7.96 crore in the quarter ended December 2024 from Rs 1.11 crore during the previous quarter ended December 2023. Sales rose to Rs 216.30 crore in Q3 FY25 from Rs 52.01 crore in Q3 FY24.

Shares of Servotech Renewable Power System slipped 4.31% to Rs 111.61 on the NSE.

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