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Tata Power [TPWR:IN], India’s largest power generation company, has signed a memorandum of understanding (MoU) with Hyundai Motor’s [005380:KS] local arm Hyundai Motor India Limited (HMIL) on May 17, as reported by the Economic Times on the same day. The MoU establishes that the two parties will build a robust electric vehicle (EV) charging network and accelerate the adoption of EVs across India. Under this strategic partnership, Tata Power will invest, own and operate the charging stations, while HMIL will provide the space and administrative approvals for the scheme. Tata Power will install new DC fast chargers of 60 kilowatts (kW) at HMIL’s existing 34 dealer locations across 29 cities, covering HMIL’s entire value chain, and will provide end-to-end charging solutions for HMIL’s EV owners.
Tata Power is India’s leading provider of EV charging networks and solutions, with over 1,500 public and semi-public EV chargers installed and more than 500 chargers at different stages of installation by the company. Tata Power also has a network of over 13,000 home chargers for private use and 200 bus charging station installed across India. The partnership with HMIL may enhance convenience for Tata Power’s customers, as the scheme will increase charging power at the stations, hence improve their efficiency and shorten charging time. Through this partnership, HMIL and Tata Power will become key contributors to the expansion of quality charging infrastructure in India. According to Tata Power, the partnership also aligns with India’s National Electric Mobility Mission Plan (NEMMP) 2020 launched by the Governmental of India in 2013, as well as promotes India’s 2070 net-zero target.
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