Tata Power, Tata Motors shares gains after signing MoU to set up fast charging stations

Tata Power EV Charging Solutions, a wholly owned subsidiary of Tata Power Renewable Energy signed Memonrandum of Understanding (MoU) with Tata Motors to set up 200 fast charging stations for electric commercial vehicles (CV) in all metro cities.

Tata Power Company rose 1.58% to Rs 446.75 and Tata Motors advanced 1.28% to Rs 998.70 on the BSE.

Tata Power EV Charging Solutions is a subsidiary of Tata Power Renewable Energy, which is a subsidiary of Tata Power Company.

This strategic move expands their ongoing collaboration, in providing sustainable mobility solutions, with a focus on easy charging solutions for small electric commercial vehicles.

 

Tata Motors and Tata Power will provide exclusive charging tariffs for Tata Motors' electric CV owners, resulting in lower operating costs and increased profitability for its customers. Electric CV users across the Country, will soon benefit from access to almost 1000 strategically located fast chargers, with the planned expansion of the charging network.

Deepesh Nanda, CEO & MD, Tata Power Renewable Energy, said, With one of the largest EV Charging networks across the country, Tata Power has been enabling electric vehicle owners through its reliable and accessible charging solutions across the country. Already present across diverse segments such as public, semi-public, bus/fleet, and home chargers, we are expanding to the commercial vehicle charging segment, delivering integrated EV charging solutions. This collaboration underlines our commitment to accelerating e-mobility by providing an expansive and reliable EV Charging network across India.

Vinay Pathak, Vice President & Business Head SCV&PU, Tata Motors, said, Were pleased to strengthen our partnership with Tata Power to transform the electric commercial vehicle landscape by ensuring ease of access of fast chargers at convenient locations across the country. This partnership will also explore avenues to maximize the use of renewable energy to make electric vehicle operations greener.

Tata Power Company is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed / managed capacity of 14,453 MW. The company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.

Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.

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