Tata Power Renewable, Tata Motors Ink MoU To Set Up 200 Fastcharging Stations

Tata Power EV Charging Solutions Limited, one of India's largest EV Charging solutions providers and a subsidiary of Tata Power Renewable Energy Limited (a subsidiary of Tata Power), today inked an Memorandum of Understanding (MoU) with Tata Motors Limited (Tata Motors) to set up 200 fast-charging stations for electric commercial vehicles (CV) in all metros cities viz. Mumbai, Delhi, Chennai, Bengaluru, Kolkata. This strategic move expands their ongoing collaboration, in providing sustainable mobility solutions, with a focus on easy charging solutions for small electric commercial vehicles. Soon after the development, both Tata Motors and Tata Power shares witnessed rally on BSE.

As part of this initiative, 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.

Mr. Vinay Pathak, Vice President & Business Head - SCV&PU, Tata Motors, said, "We're 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. It has been our endeavour to not only engineer and manufacture worldclass electric vehicles, but also help develop the necessary ecosystem to democratize the use of these eco-friendly and emission-free vehicles. This partnership will also explore avenues to maximize the use of renewable energy to make electric vehicle operations greener."

Mr. Deepesh Nanda, CEO & MD, Tata Power Renewable Energy Limited 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."

Tata Motors Shares Performance: The current market price of Tata Motors shares on BSE is Rs 986.05 per share with gain of 1.03% in trade today. Tata Motors shares also witnessed spurt in volume by more than 1.72 times. The company's market capitalisation stood at Rs 3,62,953.58 crore. Tata Motors shares slipped over 7%, slipped over 11% in last 2-weeks, and jumped 59% in last 1-year.

Tata Power Shares Performance: Current market price of Tata Power shares price on BSE is Rs 439.80 per share with gain of 0.92% in trade today. The company's market capitalisation stood at Rs 1,40,531.03 crore. Tata Power shares surged over 4% in last 1-week, gained 33% year-to-date, and rallied 67% in last 1-year.

Tata Power Company Ltd Trades Ex-Dividend In July: As per the BSE filing of Tata Power Company Ltd dated May 8, 2024, "Pursuant to Regulation 42 of the Listing Regulations, the Company has fixed the Record Date as Thursday, July 4, 2024 for taking record of the Members of the Company for the purpose of payment of dividend. The dividend, if approved by the Members at the AGM, will be paid, subject to deduction of tax at source, on and from Thursday, July 18, 2024."