Right after announcing its strategic partnership with TVS Motor Company, Tata Power saw its share price reach a 52-week high on Tuesday. Shares of the Mumbai-based firm closed at Rs. 179.65 per price on the BSE, seeing a 6.5% intraday rise on 5 October.
Shares of TVS Motor have also seen a price rise on the same day, gaining Rs. 1.30 to quote at Rs. 562.15.
Tata Power Company Ltd. signed a contract with leading two-wheeler manufacturer TVS Motor to implement a large dedicated electric vehicle charging infrastructure (EVCI).
Here are the details of this partnership’s other objectives as per the memorandum of understanding (MoU) –
The immediate benefit will be for TVS iQube Electric scooter owners. Customers across India will be able to utilise Tata Power vast charging network by using its EZ Charge application and TVS Motor’s customer connect app, according to a company statement.
The joint managing director of TVS Motor, Sudarshan Venu, mentioned that the partnership would make it more convenient for customers to access high-quality fast-charging solutions. Plus, the collaboration will facilitate a sustainable charging infrastructure in India, he added.
India’s largest integrated power company joining hands with India’s third-largest 2-wheeler manufacturer will accelerate the all-electric drive in India. Besides, TVS clarified that the deployment of a more extensive solar power network would also fast-track the shift towards alternative energy adoption.
Praveen Sinha, the CEO and MD of Tata Power, further clarified that the collaboration would allow the company to utilise its expertise to improve the balance between the integration of renewable energy and sustainable mobility.
India’s leading power generation company, Tata Power is based in Mumbai. A part of the Tata Group, Tata Power owns an extensive network of more than 700 public chargers and 5,000+ public charges across 120 cities. The firm offers services in almost all EV ecosystem segments. These include workplace and home charging, captive charging, and public charging.
Tata Power also boasts of expertise in carrying out numerous large solar solutions. These are India’s largest 6.2 megawatts-peak, grid-synchronised solar carport at Pune-based Tata Motors, the solar-powered Cricket Club of India, and the world’s largest rooftop at Amritsar’s Radha Soami Satsang Beas, among others.
The cherry on top for the company is its ongoing pan-Indian residential rooftop programme across 100+ Indian cities.
As already mentioned, the news of the Tata Power-TVS Motor partnership had a positive impact on both companies share prices, predicting favourable outcomes of this development. As of 5 October, Tata Power shares were trading at Rs. 183 per piece on BSE, witnessing an 8% rise. Further improvements due to the partnership are yet to be seen.
Tata Power was founded by Dorabji Tata in 1911.
There was news of Tata Power contemplating an initial public offering to raise approximately Rs. 35 million to finance its renewable energy business in April this year. However, there is no information on any further development of this plan.
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