Tata Power Hits 52-Wk High on Signing MoU with Zoomcar to Promote EV Adoption

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Tata Power Hits 52-Wk High on Signing MoU with Zoomcar to Promote EV Adoption
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of India’s largest power generator Tata Power (NS: TTPW ) rose 3% and registered a new 52-week high of Rs 252.8 apiece on Thursday, enjoying their rally streak for the fourth day in a row. In these four trading sessions, Tata Power’s stock has surged nearly 10%.

The power-producing giant announced on Thursday that it has entered into a Memorandum of Understanding (MoU) with the leading marketplace for car sharing - Zoomcar, to promote the widespread adoption of electric vehicles as well as deliver a seamless and user-friendly EV charging experience to users across the country.

The agreement was signed in Mumbai between Tata Power EV Charging Solutions Limited (TPEVCSL), which is a wholly owned subsidiary of Tata Power Renewable Energy, and Zoomcar, with key personnel of both companies present.

Through the aforestated collaboration, Tata Power aims to promote its EZ Charge points, which is Tata Power’s extensive EV charging infrastructure, on Zoomcar’s platform. 

Tata Power will also focus on supporting existing and aspiring EV owners along with Zoomcar's existing customers. Valuable insights on the power giant’s extensive network of EZ Charge points nationwide will provide these customers with easy access to streamline the EV charging process and address the challenges often associated with using the charging infrastructure. 

EZ Charge includes over 50,000 home chargers, more than 4,370  public and semi-public charging points, along with 250 bus-charging points across 350 cities including multiple highways.

Upon the mutual partnership between the two companies, the CEO and co-founder of Zoomcar, Greg Moran said that its car-sharing platform is perfectly suited for electric vehicles and the company forecasts growing 50% of its platform by 2025. 

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  • Biswanath Sahu @Biswanath Sahu
    Tata comm very soon may touch ABOVE 2100::::CATCHING NEW TECHNOGY +++FLAGSHIP CO. OF TATAs'++++decide yourself
    Like 1
  • Afzal Huseen @Afzal Huseen
    Like 0

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