NEW DELHI: Tata Power on Friday said that reports claiming it had finalised a deal with Elon Musk’s Tesla Inc for setting up charging infrastructure for electric vehicles in India were “factually incorrect”.
“Our EV charging business are constantly examining and exploring various growth opportunities of the business. No arrangement or agreements have been finalised as reported in the media,” said Tata Power in a regulatory filing.
The reports, however, had a positive impact on Tata Power stock during Friday, as its share prices rose 5.5 per cent during the day to their best closing level since June 9, 2014. This is not the first time that a Tata Group company has been reported as being on verge of a deal with Tesla. Earlier this year, there had been industry speculation that Tata Motors and Tesla may join hands for EVs in India. Recently, though, Tata Sons shunned the rumours.
In January 2021, the US-based electric carmaker had incorporated Tesla Motors India and Energy Private Ltd in Bengaluru. According to the Government of Karnataka, Tesla will be setting up an electric-car manufacturing unit in South India.
Tesla is likely to commence India operations later this year by importing and selling its Model 3 electric sedan. While the company has a large EV charging network around the world, its plans for setting up such infrastructure in India is currently unknown. The Indian market also remains a small one due to high vehicle cost and scarce charging outlets.
Tesla India ops likely to start this year
Tesla is likely to commence India operations later this year by importing and selling its Model 3 sedan. While it has a large charging network around the world, its plans for setting up one in India is not known