Tata Power, one of India's largest integrated power companies and a leading EV charging infrastructure provider has entered into a strategic partnership with Hyundai Motor India Limited (HMIL), the country's first smart mobility solutions provider and the largest exporter since its inception, to build a robust EV charging network and accelerate the adoption of EVs across India.
Through this association, Hyundai Motor India Ltd. would become a key contributor to expansion of quality charging infrastructure.
The MoU was signed between Tata Power and HMIL in the presence of Dr. Praveer Sinha, CEO & MD, Tata Power and Mr. Unsoo Kim, MD & CEO, HMIL at HMIL's Headquarters in Gurugram, Haryana.
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.
Commenting on the strategic partnership, Dr. Praveer Sinha, CEO & MD, 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."
Commenting on the announcement, Mr. Unsoo Kim, MD & CEO, Hyundai Motor India Limited, said, "Realising Hyundai's global vision of 'Progress for Humanity' and in line with our new brand direction of going 'Beyond Mobility, Hyundai Motor India is glad to announce its partnership with Tata Power to facilitate and strengthen India's robust EV ecosystem and enhance the general outlook on sustainable transportation, reaffirming Hyundai's vision to integrate social responsibility with economic prosperity and community wellness. Such strategic partnerships are fundamental in accelerating the adoption of Electric Vehicles by customers to achieve the national goal of carbon neutrality. 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."
Under the collaboration, the charging stations at HMIL dealerships will be open for allelectric 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. Easy accessibility of charging stations through HMIL and Tata Power EZ Charge Mobile App will provide smooth vehicle charging experience to customers across the country.
Tata Power is India's leading provider of EV charging solutions, with over 1500 public and semi-public EV chargers installed and another 550+ chargers in various stages of installation. The Company also has a network of 13000+ Home chargers (for private use) & 200+ Bus charging points installed across India.
Shares of Tata Power Company Limited was last trading in BSE at Rs. 226.65 as compared to the previous close of Rs. 222.85. The total number of shares traded during the day was 2235603 in over 26635 trades.
The stock hit an intraday high of Rs. 227.65 and intraday low of 220.35. The net turnover during the day was Rs. 504217071.00.