iNDICA NEWS BUREAU-
American electric car manufacturer Tesla Inc is exploring an arrangement with Indian conglomerate Tata Sons’ power generation unit, Tata Power, to set up charging infrastructure for electric vehicles in the country, CNBC-TV18 reported on Friday, citing sources.
Shares of Tata Power rose 5.5% to their best closing level since June 9, 2014 after the report, which comes as the Palo Alto-based electric-car maker gears up for an India launch later this year with plans to import and sell its Model 3 electric sedan in India.
Tesla will set up an electric-car manufacturing unit in the southern Indian state of Karnataka, according to a government document seen by Reuters.
The talks between Tata Power and Tesla are in the initial stages and no arrangements have been finalized yet, the report said.
In a stock exchange filing Tata Power said, “Our EV charging business are constantly examining and exploring various growth opportunities of the business. No arrangements or agreements have been finalized as reported in the media. As required, we confirm that the news item published in “CNBC TV 18″ dated 12th March 2021 is factually incorrect.”
In January, the U.S. electric-car maker incorporated Tesla Motors India and Energy Private Ltd with its registered office in the southern city of Bengaluru, a hub for global technology companies.
Tata Motors Ltd, the car-making unit of Tata Sons, last week denied any tie-up with Tesla, after media reports suggested the two companies were discussing a partnership.