Latest news with #Servotech
Business Upturn
11 hours ago
- Business
- Business Upturn
Servotech acquires 27% stake in Rhine Solar for Rs 12.15 crore to strengthen backward integration
By Aditya Bhagchandani Published on June 20, 2025, 16:33 IST Servotech Renewable Power System Limited has announced the acquisition of a 27% stake in Rhine Solar Limited for Rs 12.15 crore in an all-cash deal. The strategic investment, approved at the board meeting held on June 20, 2025, aims to boost Servotech's backward integration capabilities in the solar segment. The acquisition involves the purchase of 9,50,106 equity shares at Rs 127.88 per share, valuing Rhine Solar at a post-money basis. The deal is expected to close within 90 days. Rhine Solar, incorporated in December 2014, is engaged in manufacturing and distribution of a wide range of solar products such as panels, lamps, cookers, geysers, and irrigation systems across India. The company reported a provisional turnover of Rs 82.41 crore for FY25, up from Rs 60 crore in FY24 and Rs 53.9 crore in FY23. Servotech clarified that the transaction does not fall under related-party transactions and no regulatory approvals are required. This move is expected to enhance the company's supply chain efficiency and solidify its position in the renewable energy sector. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
India Gazette
06-06-2025
- Automotive
- India Gazette
Elon Musk's father, Errol concludes 6-day India visit; praises green tech leap and cultural depth
New Delhi [India] June 6 (ANI): Father of Tesla CEO Elon Musk and Servotec's Errol Musk concluded a highly productive and culturally enriching 6-day trip to India on Friday. Accompanied by his daughter, Alexandra Musk, the visit, which began on June 1, significantly underscored India's pivotal role in the global green technology and electric vehicle (EV) charging infrastructure revolution. Hosted by Servotech Renewable, Musk's itinerary was packed with engagements designed to accelerate India's sustainable development. His journey included headlining the India Global Green Tech Vision Forum in New Delhi, where he shared his global insights on green technology. He also toured Servotech's state-of-the-art manufacturing plant, gaining firsthand insight into India's indigenous capabilities in EV chargers and solar solutions. A unique aspect of his visit involved profound spiritual and cultural immersion. Musk engaged in sacred visits to the Ram Mandir and Hanuman Garhi Temple in Ayodhya and ISKCON Delhi. At ISKCON, he actively participated in a Tulsi plantation drive, performed aarti, and reverently partook of the 'Chappan Bhog' prasad, highlighting the deep connection between sustainability and Indian traditions. During his spiritual interactions, he openly praised the timeless teachings of the Bhagavad Gita. Reflecting on his journey, Errol Musk stated, 'This trip has been truly eye-opening, witnessing India's dynamic progress in green tech and its rich cultural depth. I leave incredibly optimistic about India's future and its role on the global stage, and I look forward to returning soon to explore more of India's beautiful places.' Servotech Renewable Power System Ltd, Managing Director, Raman Bhatia expressed, 'Hosting Errol Musk has been an immense privilege and a pivotal moment for Servotech and India's green energy sector. His strategic insights and personal embrace of India's cultural values have been incredibly validating, further solidifying our commitment to accelerating India's journey towards a cleaner, more sustainable, and self-reliant future.' Musk's departure marks the culmination of a visit that has not only strengthened Servotech's global partnerships but also vividly amplified India's narrative as a burgeoning leader in both sustainable innovation and spiritual harmony. (ANI)
Hindustan Times
05-06-2025
- Automotive
- Hindustan Times
Should Tesla invest in India? Elon Musk's father Errol Musk responds
Errol Musk, the father of Tesla CEO Elon Musk, who is currently touring India, said on Thursday that the electric vehicle company will be lucky to establish its business in India. 'Tesla will be very lucky to get it here and be a part of the car network,' said Errol Musk, during an ANI interview at ISKCON Delhi today, after he was asked if the company will invest in India. Acknowledging that Tesla is a public company and that he cannot speak for the company as a whole, he said that India is a wonderful market. 'It is an incredible market for anything,' he added. Errol Musk's India tour itinerary was packed with events aimed at promoting India's strategic push to become a global leader in green technologies and EV charging infrastructure exports. 'Electric vehicles are going to be the vehicles of the future everywhere. In the next few years, there will be 10 times more electric vehicles on the road,' explained the 79-year-old electrical engineer who joined the global advisory board of India-based EV tech company, Servotech. 'I'm here (in India) to begin working with Servotech and am looking forward to spending a lot of time in the country,' said Errol Musk. Talking about Elon Musk's future visits to India, he said, 'India is a place that he(Elon Musk) will come in due course and extend Starlink for the rural population, for WiFi for the people in the countryside". Errol Musk arrived in Delhi on June 1 for his five-day India tour. According to a PTI report, the South African businessman held multiple meetings with policymakers, investors, business leaders, and senior bureaucrats on June 2. His tour also included a visit to the Ram temple in Ayodhya, along with the nearby Hanumangarhi temple on Wednesday afternoon, accompanied by his daughter Alexandra Musk.
Hindustan Times
04-06-2025
- Business
- Hindustan Times
Elon Musk's father Errol Musk visits Ram Temple: 'One of the best things I've ever done'
Tech billionaire Elon Musk's father, Errol Musk, described visiting the Ram Temple in Ayodhya as one of 'best things' he has ever done. He visited the temple on Wednesday and called it a "wonderful" experience, reported PTI. "It's wonderful, absolutely wonderful (Ayodhya visit). It's one of the best things I've ever done,' PTI quoted Errol as saying. "I'm so glad I came to see it and can't wait till the temple gets completed, the big temple, it's going to be something like a wonder of the world," he added. Apart from the Ram Temple, Errol also visited the nearby Hanumangarhi temple. Visiting the Taj Mahal was also on Errol's schedule initially, however, that might not be the case anymore due to the extreme heat in the region, the report added. Errol Musk, who began his trip to India on June 1 will reportedly be in the country till June 6. While speaking with the reporters after his temple visits, Errol described his experience of being in India so far as 'wonderful' and also shared why he is here. Errol Musk is the Global Advisor to Servotech Renewable Power System Ltd and is here to begin working with the India-based firm. "My experience here in India has been wonderful. I'm here (in India) to begin working with Servotech and am looking forward to spending a lot of time in the country. The temples are marvellous and so are the people," he said. Errol was accompanied by his daughter Alexandra Musk during his visit to Ayodhya, where he landed at around 2.30 pm on Wednesday amid tight security. He wore a traditional Indian attire - a kurta-pyjama - during his visit to the Ram Temple. Errol's visit to India 'is squarely focused on accelerating India's burgeoning green technology and electric vehicle (EV) charging infrastructure development," said Servotech Renewable Power System Ltd. With PTI inputs
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Business Standard
04-06-2025
- Business
- Business Standard
'One of best things I've ever done': Elon Musk's father visits Ram Temple
Errol Musk, father of tech billionaire Elon Musk, visited the Ram temple in Ayodhya on Wednesday and described the experience as 'wonderful' and one of the 'best things' he has ever done. He also offered prayers at the nearby Hanuman Garhi temple. Although he had planned to see the Taj Mahal in Agra, the trip might be cancelled due to the intense heat in the region. 'It's wonderful, absolutely wonderful (Ayodhya visit). It's one of the best things I've ever done. I'm so glad I came to see it and can't wait till the temple gets completed, the big temple, it's going to be something like a wonder of the world,' Errol told PTI. Admiration for Indian culture and people Speaking to reporters after visiting both temples, Errol shared his thoughts on India and his spiritual experience: 'My experience here in India has been wonderful. I'm here (in India) to begin working with Servotech and am looking forward to spending a lot of time in the country. The temples are marvellous and so are the people.' Errol arrived at Ayodhya airport at around 2.30 pm, accompanied by his daughter Alexandra Musk. They left the temple town shortly after 4 pm. During his visit, he wore a traditional kurta-pyjama. Three-tier security system in place Security was heightened in Ayodhya during the visit. According to a senior police official, the town already has a three-tiered security system in place, including high-tech anti-drone technology capable of identifying and neutralising any unauthorised drones. 'There is already a three-layered high-level security cover in place in Ayodhya, which includes round-the-clock deployment of high-tech anti-drone systems capable of detecting and neutralising unauthorised aerial activity,' a police officer told PTI. 'However, no additional security cover will be extended officially for this visit as the existing measures are adequate,' he added. Surveillance cameras, visitor checks, and specially trained personnel are part of the standard security setup around the temple complex. Praise for Hinduism and Prime Minister Modi In an earlier interview with IANS, Errol Musk shared his deep admiration for Indian spirituality and culture: 'I think if the entire world followed Shiva, it would be just fine. I'm not an expert, but I find Hinduism fascinating. It's so ancient—it boggles the mind. The depth and history of the religion show us just how little we actually understand about the past. There's a profound sense of continuity and spirituality in India that is truly humbling,' he said. He also expressed great respect for Prime Minister Narendra Modi, especially for his role in shaping India's progress. 'He is one of the finest leaders in the world today. It's always a pleasure to watch him speak on TV. He carries himself with confidence and clarity. Under his leadership, India has taken giant strides, not only in economic terms but also in global diplomacy,' said Errol Musk. Visit part of green energy promotion Meanwhile, a spokesperson for Servotech Renewable Power System Ltd confirmed that Errol will remain in the country until June 6. He serves as the Global Advisor to the Haryana-based green energy company. 'His visit is squarely focused on accelerating India's burgeoning green technology and electric vehicle (EV) charging infrastructure development,' the company said in a statement. Servotech's managing director, Raman Bhatia, is also expected to visit the Ram temple on Wednesday.
