Mumbai, Sept. 15 -- Under the agreement, SGEM will locally manufacture on-board chargers, DC/DC converters and multi-function units, which also integrate power distribution systems, at its EV campus in Faridabad. The products are essential for passenger and commercial EVs and the business is expected to generate about Rs 450 crore in revenue by FY30, against a domestic market size projected at Rs 3,000 crore.

The initiative supports India's Atmanirbhar Bharat and Make in India goals by driving import substitution and providing local access to advanced EV power electronics technology. EV on-board chargers manage AC charging directly from external power sources, while DC/DC converters step down battery voltage for auxiliary systems.

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