In an effort to boost the electric vehicle (EV) infrastructure in India, power giant Tata Power and the Indian Oil Corporation Limited (IOCL) have announced plans to set up over 500 fast and ultra-fast EV charging stations across the country.
What Happened: The Tata Group company on Monday said that its subsidiary Tata Power EV Charging Solutions Limited (TPEVCSL), and IOCL signed an MoU to install these stations at various IOCL retail outlets. Major cities slated for these installations include Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune, and Kochi.
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These charging points will also be established along key highways such as the Mumbai-Pune Expressway, Salem-Kochi Highway, Guntur-Chennai Highway, and the Golden Quadrilateral. Virendra Goyal, Head -Business Development -EV Charging, Tata Power, hailed the partnership as a strategic step towards building a robust EV charging network in India.
Tata Power controls a significant market share of around 60% in the EV charging space. The company's extensive network spans over 420 cities and includes more than 62,000 home chargers, 4,900 public and semi-public charging points, and 430 bus charging stations.
The announcement today follows Tata Motors’ recent collaboration with Bharat Petroleum to set up 7,000 charging points.
Price Action: Tata Power’s share price was up 2.33% to trade at ₹331.10 in the afternoon hours of trading on Monday.
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