Tata Power ties with Hyundai to set up EV-charging Infrastructure; Stock zooms over 5%

17 May 2022 , 02:26 PM

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.”

Tata Power Company was trading at Rs238.80 apiece up by Rs12.15 or 5.36% on the BSE, at around 2:30 PM.