Torrent Power shares gain 2% on launch of EV charging stations

In June, company signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for development of three Pumped Storage Hydro Projects of 5,700 MW capacity in the State of Maharashtra.

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Shares of Torrent Power traded up 2.3 percent at Rs 617.95 at 9:24am on July 25 after the company launched its first set of charging stations in Ahmedabad.

The four EV charging stations have been set up in Ahmedabad and two more are likely to be launched in Surat soon with more cities to be added in the near future, the company said.

The company has collaborated with Siemens for developing the EV charging network.

Torrent Power has installed three 60KW DC Fast chargers, one each at Prahladnagar, Naranpura and Drive-In-Road in Ahmedabad. Each charger can charge two vehicles at the same time. Apart from this, a 22 kW AC charger has also been set up in Ahmedabad.

The company offers charging at Rs 12 per unit which is among the lowest in the city. An additional discount of 20 percent on first charge has also been announced for a limited period.

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In June, Torrent Power signed a contract with the Maharashtra government for the development of three Pumped Storage Hydro Projects of 5,700 MW capacity in the state. The company intends to execute these projects over a period of five years.