Tesla shares rose 5.5% after CNBC-TV18 reported it is in talks with Indian conglomerate Tata Sons’ power generation unit, Tata Power, according to Reuters. The alleged talk with Tata Power seeks to set up charging infrastructure for electric vehicles in India.
Tesla is expected to set up an electric-car manufacturing unit in the southern Indian state of Karnataka.
The alleged talks between Tata Power and Tesla are in the initial stages and no arrangements have been finalized yet.
Tata Power has termed CNBC-TV18 report as “factually incorrect.” but did not elaborate.
Last week, Tata Motors Ltd, the carmaking unit of Tata Sons, denied any tie-up with Tesla, after media reports suggested the two companies were discussing a partnership.
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.Tesla stock is currently declining TSLA: NASDAQ is down 3.03%
