Tata Power Company rose 2.29% to Rs 231.85 after the company announced that it has entered into a strategic partnership with Hyundai Motor India (HMIL) to build a EV charging network across India.
Hyundai Motor India (HMIL) is a wholly owned subsidiary of Hyundai Motor Company (HMC). Under the partnership, Tata Power will install Tata Power EZ Charge fast chargers (DC 60 kW) at HMIL's existing 34 EV dealer locations across 29 cities along with supply, installation, and commissioning of home charging for HMIL's EV customers. The association will make Tata Power and HMIL key contributors to the expansion of charging infrastructure.
Currently, all 34 HMIL dealer locations are equipped with AC 7.2 kW chargers, and the company aims to expand the fast charging infra network across its pan India dealerships. This new partnership will be of tremendous benefit to customers as the vehicle charging time of a DC 60 kW charger is much lesser than AC 7.2 kW charger. DC 60 kW charging stations will enhance customer convenience.
Under the collaboration, the charging stations at HMIL dealerships will be open for all electric vehicle customers. Additionally, end-to-end charging solutions at the home of HMIL's EV owners will be offered by Tata Power for their convenience resulting in hassle-free EV ownership. HMIL dealerships will facilitate with space, and necessary administrative approvals, and Tata Power will invest, own and operate the charging stations.
Commenting on the strategic partnership, Dr. Praveer Sinha, CEO & MD of Tata Power, said Our collaboration with Hyundai Motor India aligns with the Government of India's National Electric Mobility Mission Plan and demonstrates our commitment to leading India's clean energy and net-zero goals. Tata Power's expertise in EV charging space coupled with comprehensive charging solutions and countrywide ownership of Hyundai vehicles, will help in the development of sustainable mobility infrastructure, boosting faster EV adoption."
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Commenting on the announcement, Unsoo Kim, MD & CEO, Hyundai Motor India, said, This partnership will power up the nation's electric mobility mission by offering end-to-end EV charging infrastructure at HMIL dealerships along with supply, installation, and commissioning of home charging for HMIL EV customers, thereby, enhancing customer convenience and ease of adoption of Electric vehicles.
Tata Power is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 13,635 MW. The company has a presence across the entire power value chain - generation (renewable, hydro and thermal power), transmission & distribution, coal & freight, logistic, trading and consumer-facing solar rooftop and electric vehicle charging businesses.
On a consolidated basis, Tata Power Company reported 28% rise in net profit to Rs 503.11 crore on 15.4% increase in net sales to Rs 11,959.96 crore in Q4 FY22 over Q4 FY21.
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