Tata Power EV Charging Solutions Limited (TPEVCSL), a Tata Power Group company and Indian Oil Corporation (IOCL) have signed an agreement to roll out more than 500 fast and ultra-fast electric vehicle (EV) charging points across India.
These charging points will be installed across multiple IOCL retail outlets.
These EV charging points will be installed in major cities like Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune, and Kochi, as well as across major highways such as the Mumbai-Pune Expressway, Salem-Kochi Highway, Guntur-Chennai Highway and the Golden Quadrilateral.
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"Leveraging IOCL's extensive presence, Tata Power will set up fast and superfast charging points in multiple regions, contributing to accessibility and inclusivity for a sustainable electric mobility future,” said Virendra Goyal, Head -Business Development-EV Charging, Tata Power.
The company said EV users will have a dual advantage of charging their vehicles via ‘Tata Power EZ Charge’ app as well as ‘IndianOil e-Charge’ mobile app that can be used to locate and book the chargers at their convenience.
Shares of Tata Power rose 2.83 percent as of 2.12 pm on BSE, following the announcement. Meanwhile, Indian Oil dipped 1 percent to Rs 117.65.
"IOCL envisages to provide 10,000 EV charging stations by 2024 transforming the retail network to complete energy solutions outlets. With more than 6,000 EV charging stations at present, the company plans to keep expanding its reach. Our strategic partnership with Tata Power is poised to play a pivotal role in responding to this transformative shift,” said Saumitra Shrivastava, Executive Director (Retail-N&E), Indian Oil.
Tata Power said it has a market share of nearly 60 percent in the EV charging market. It is present in 420 cities, having installed 62,000 home chargers, 4,900 public and semi-public charging points, and 430 bus charging stations.
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