An agreement has been inked by Indian Oil Corporation (IOCL) and Tata Power EV Charging Solutions Limited (TPEVCSL), a Tata Power Group entity, to install over 500 fast and ultra-quick electric vehicle (EV) charging stations around India. Many IOCL retail locations will have these charging stations installed.
Significant cities such as Kochi, Pune, Ahmedabad, Bengaluru, Kolkata, Delhi and Mumbai will have these EV charging sites erected, along with significant routes like the Golden Quadrilateral, Guntur-Chennai Highway, Salem-Kochi Highway and Mumbai-Pune Expressway respectively.
According to Virendra Goyal, Head of Business Development for EV Charging at Tata Power, “Tata Power will set up fast and superfast charging points in multiple regions, leveraging IOCL’s extensive presence, contributing to accessibility and inclusivity for a sustainable electric mobility future.”
According to the firm, EV owners will benefit from having two options for charging their cars: the “Tata Power EZ Charge” app and the “IndianOil e-Charge” app, which allow users to find and reserve chargers at their convenience.
Following the announcement, Tata Power’s shares increased 2.83 percent as of 2:12 PM on the BSE. Indian Oil, meanwhile, fell 1% to Rs 117.65.
By 2024, IOCL hopes to have 10,000 EV charging stations available, converting the retail network into full-service energy solutions stores. The company already has over 6,000 EV charging stations, and it intends to continue growing. “We are well-positioned to respond to this revolutionary change through our strategic partnership with Tata Power,” stated Saumitra Shrivastava, Executive Director (Retail-N&E), Indian Oil.
According to Tata Power, the EV charging market is roughly 60% of its total market share. With 62,000 home chargers, 4,900 public and semi-public charging stations, and 430 bus charging stations deployed, it is present in 420 cities.
