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Tata Power refutes media reports on EV deal with Elon Musk’s Tesla Motors

Our EV charging business is constantly examining and exploring various growth opportunities, no arrangement or agreements have been finalised as reported in the media, Tata Power said in its clarification to BSE.

March 14, 2021 / 03:11 PM IST
Tesla is gearing up for its launch in India later this year.

Tesla is gearing up for its launch in India later this year.

Tata Power, in a clarification issued to BSE on March 14, said media reports about the company’s deal with Elon Musk-led Tesla Motors is “factually incorrect”.

The statement sought to clarify that a particular news item which reported that Tata Power and Tesla are exploring an arrangement to set up charging infrastructure for electric vehicles (EVs) in the country is not correct.

“Our EV charging business is constantly examining and exploring various growth opportunities … no arrangement or agreements have been finalised as reported in the media,” the clarification read.

“As required, we confirm that the news item published in CNBC TV 18 dated March 12, 2021, is factually incorrect,” it added.

The statement comes after the BSE in a notice dated March 12, asked the company to clarify a news report on the supposed deal.

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“… sought clarification from Tata Power Company on March 12, with reference to news appeared in CNBC-TV18 dated March 12, quoting 'Tesla and Tata Power are exploring arrangement on charging infrastructure'. The reply is awaited,” it had said.

The news item in question had cited sources to report that talks between Tesla and Tata Sons’ power generation unit are in “initial stages”, to set up charging infrastructure for EVs in India, but “no arrangements have been finalised yet”.

The development was buzzing as Tesla gears up for its launch in India later this year, and has plans to import and sell its Model 3 electric sedan in India.

Tesla will set up an electric-car manufacturing unit in Karnataka, government documents showed, according to Reuters.
Moneycontrol News
first published: Mar 14, 2021 03:11 pm

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