Shares of Tata Power were trading 3% higher on 11 December after the company announced its collaboration with the Indian Oil Corporation (IOCL) to deploy more than 500 Fast and Ultra-Fast EV (electric vehicle) charging points across the country.

In its regulatory filing, the company said that Tata Power EV Charging Solutions Ltd (TPEVCSL), a Tata Power Group company, has signed an MoU (Memorandum of Understanding) with the petroleum major Indian Oil Corporation for rolling out fast and ultra-fast EV charging points across the nation.

The charging points will be installed across major cities, including Mumbai, Kolkata, Delhi, Ahmedabad, Pune< Bengaluru, and Kochi, along with major highways Guntur-Chennai Highway, Mumbai-Pune Expressway, Salem-Kochi Highway, and Golden Quadrilateral.

Virendra Goyal, the 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.”

Saumitra Shrivastava, Executive Director of IOCL, said, “IOCL envisages to provide 10,000 EV Charging Stations by 2024 transforming retail networks to complete energy solutions outlets.”

This will be a dual advantage for people using electric vehicles, as they will not only have a seamless EV charging experience through the ‘Tata Power EZ Charge’ App but also through IOCL’s ‘IndianOil e-Charge mobile app.

At 3:30 pm, the shares of Tata Power Closed 2.89% higher at Rs 332.90 on NSE.