'No arrangement or agreements finalised': Tata Power on Tesla tie up

'We confirm that the news item published in the media dated March 12 2021 is factually incorrect,' the company said in a stock exchange filing

Tata Sons' power generation unit, Tata Power on Friday clarified that no arrangement or agreements have been finalised with Tesla Inc for setting up Electric Vehicle (EV) infra unit in India as reported in the media. 

"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," it said in a stock exchange filing

"We confirm that the news item published in the media dated March 12 2021 is factually incorrect," it said.

The talks between Tata Power and Tesla are in the initial stages and no arrangements have been finalised yet to set up charging infrastructure for electric vehicles in the country, the news report said.

Shares of Tata Power rose 5.5 per cent to their best closing level since June 9, 2014 after the report emerged.

Tesla will set up an electric-car manufacturing unit in Karnataka, according to a government document seen by Reuters.

In January, the US electric-car maker incorporated Tesla Motors India and Energy Private Ltd with its registered office in Bengaluru, a hub for global technology companies.

Tata Motors Ltd last week denied any tie-up with Tesla, after media reports suggested the two companies were discussing a partnership.