Tata Power denies reports of deal with Tesla Inc
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.
