On Monday, Tata Motors signed a Memorandum of Understanding with Indian Oil Corporation Ltd. (IOCL) to install 500+ EV charging stations across India.
The company said this move was taken to ease the growing anxiety among EV owners traveling to different cities.
This move is significant as it will help boost the EV Charging industry in India with an emphasis on creating a stable charging network during intercity travel. The major concern for EV owners across India is the lack of EV charging ports. While it is a faint possibility for travel within metropolitan cities, same can’t be said when travelling to other metropolitan cities. However, after the signing of this deal between Tata Power EV Charging Solutions Ltd (TPEVCSL) and Indian Oil Corporation Ltd. (IOCL) it is starting to shape reality.
The EV charging stations will be strategically established along highways of major cities like Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune, and Kochi. The network will be spread across the Mumbai-Pune Expressway, Salem-Kochi Highway, Guntur-Chennai Highway, and the Golden Quadrilateral.
EV owners can locate these EV charging stations through the “Tata Power EZ Charge” and “IndianOil e-Charge” apps and book their refills.
Virendra Goyal, the Head of Business Development at EV charging at Tata Motors says that through this collaboration he wishes to create an accessible and inclusive sustainable future for electric mobility in India. Currently, Tata Motors has a steady charging infrastructure across 420 cities in India. This number includes over 62,000 home chargers, 4,900 public and semipublic charging points and 430 bus charging stations.
With over 6,000 EV charging stations already in operation, Shri Saumitra Shrivastava, the Executive Director at Indian Oil, has planned to provide 10,000 EV charging stations by 2024. This move is an initiative to transform the retail network into complete solutions outlets.
This strategic collaboration is set into motion to strengthen Tata Power’s position in the competitive EV charging industry by making it a leading company for electric vehicles on a national level.
After the penning down of the MoU, the stock value of Tata Power Company Ltd. Shares went up 2.20 percent to ₹330.87 at 2.09 pm on the BSE. While IOCL through this collaboration wishes to overcome challenges and capitalize on opportunities in the EV charging industry. This could be a successful collaboration between the two enterprises.
