By Malvika Gurung
Investing.com -- The country’s largest power generation company Tata Power (NS: TTPW ) and the auto company Hyundai Motor India (HMIL) have entered into a partnership and signed an MoU to build and install a robust electric vehicle charging network, which would accelerate the expansion of electric vehicles across the country.
Shares of Tata Power were trading 2.65% higher at Rs 232.55 apiece at 2:40 pm on Tuesday.
As per the agreement between the two companies, Tata Power will install its ‘Tata Power EZ Charge’ fast chargers of DC 60 kW at the 34 existing electric vehicle dealer locations of HMIL, spread across 29 Indian cities.
At present, all of these 34 dealer locations of HMIL have AC 7.2 kW chargers. A DC 60 kW charger charges an EV much faster than an AC 7.2 kW charger. So, Tata Power’s installation of such a charger across the HMIL locations will not only expand the company’s fast-charging infra network across the country but also enhance customer convenience.
Tata Power’s collaboration with HMIL is in line with India’s National Electric Mobility Mission Plan and contributes to the Government’s clean energy and net-zero goals, stated the power major's management, as cited by Mint.
Further, the charging stations at HMIL dealerships will remain open to all-electric vehicle customers, stated the report.
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