Tata Power, Indian Oil plan 500+ EV charging stations nationwide
What's the story
Tata Power EV Charging Solutions Limited (TPEVCSL) and Indian Oil Corporation Ltd. (IOCL) have inked a deal to establish over 500 fast and ultra-fast electric vehicle (EV) charging stations across India. These stations will be set up at various IOCL retail outlets in major cities like Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune, and Kochi. Additionally, they will be installed along crucial highways such as the Mumbai-Pune Expressway, Salem-Kochi Highway, Guntur-Chennai Highway, and the Golden Quadrilateral.
Details
Charging points can be located using mobile app
Virendra Goyal, Head of Business Development-EV Charging at Tata Power, said, "Leveraging IOCL's extensive presence, Tata Power will set up fast and superfast charging points in multiple regions, contributing to accessibility and inclusivity for a sustainable electric mobility future." EV users will benefit from charging their vehicles through both the 'Tata Power EZ Charge' app and the 'IndianOil e-Charge' mobile app, which can be used to locate and reserve chargers at their convenience.
What Next?
Indian Oil's vision for 10,000 EV charging stations by 2024
Saumitra Shrivastava, Executive Director (Retail-N&E) at Indian Oil, shared that IOCL plans to offer 10,000 EV charging stations by 2024, transforming its retail network into comprehensive energy solutions outlets. With over 6,000 EV charging stations currently in operation, the company intends to continue expanding its reach. Shrivastava added that their strategic partnership with Tata Power is set to play a crucial role in addressing this transformative shift toward a more sustainable and eco-friendly mobility paradigm.
Insights
Tata Power's dominance in the EV charging market
Tata Power boasts a market share of nearly 60% in the EV charging market. The company operates in 420 cities, having installed 62,000 home chargers, 4,900 public and semi-public charging points, and 430 bus charging stations. Following the announcement of the partnership with Indian Oil, Tata Power's shares increased 2.83% on BSE, while Indian Oil's shares dipped 1% to Rs. 117.65.