Tata Power shares surged nearly 3% on Monday after the Tata Group firm announced that it will be collaborating with the Indian Oil Corporation (IOC) for the deployment of more than 500 Fast and Ultra-Fast electric vehicle (EV) charging points across the country.
Tata Power Group company Tata Power EV Charging Solutions Ltd (TPEVCSL) has signed a Memorandum of Understanding (MoU) with petroleum major IOC for rolling out fast and ultra-fast EV charging points across India, the company said in a filing to the stock exchanges.
As part of the collaboration, Tata Power will install over 500 such EV charging points across different
IOCL retail outlets, the company informed the bourses.
After the disclosure, shares of Tata Power gained as much as 2.92% in trade on Monday to hit an intraday high of ₹333 per piece, inching closer to the company’s 52-week high of ₹335.8 apiece on BSE.
Shares of Tata Power were trading 2.04% higher at ₹330.05 per piece on BSE at 1:40 PM.
The charging points will be installed across major cities, including Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune, and Kochi, along with major highways like the Mumbai-Pune Expressway, Guntur-Chennai Highway, Golden Quadrilateral, and Salem-Kochi Highway.
“Leveraging IOCL's extensive presence, Tata Power will set up fast and superfast charging points in multiple regions, contributing to accessibility and inclusivity for a sustainable electric mobility future,” said the Head of Business Development—EV Charging at Tata Power, Virendra Goyal.
For those using electric vehicles, there will be a dual advantage of not only a seamless EV charging experience through the ‘Tata Power EZ Charge’ application but also through IOCL’s ‘IndianOil e-Charge’ mobile app, Tata Power said.
“IOCL envisages to provide 10,000 EV Charging Stations by 2024 transforming retail networks to complete energy solutions outlets,” said Saumitra Shrivastava, Executive Director of IOCL.
(Edited by : Ajay Vaishnav)
