A first for industry: Hyundai may ink pacts for direct power purchase

In a first for a car company in India, Hyundai Motor India Ltd (HMIL) may sign direct power-purchase agreements to procure electricity, both conventional and renewable, from power generators or through the grid to boost its charging infrastructure for electric vehicles (EVs) in the country.

Such direct contracts will assist the carmaker in getting cheap power.

Companies usually rely on discoms for electricity supply at relatively high commercial rates. HMIL, which has EV-charging points at its 34 dealerships, is planning to do sizeable investment in its charging infrastructure, sources said.

Lack of sufficient EV-charging points is a major factor hampering