Tata Power Ltd shares registered a new 52-week high of Rs 252.75 per piece on the BSE on Thursday after the company announced entering into an agreement with Zoomcar to provide charging solutions.

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The company said on Thursday that it has signed a Memorandum of Understanding (MoU) with Zoomcar through Tata Power EV Charging Solutions Ltd (TPEVCSL) in Mumbai. Tata Power EV Charging Solutions is a wholly-owned subsidiary of Tata Power Renewable Energy Ltd.

Through this collaboration with Zoomcar, Tata Power is looking to promote its EZ Charge points on the platform of the car-sharing company, while also aiming to support the existing owners of electric vehicles in India through the existing clientele of Zoomcar.

“Valuable insights on Tata Power’s extensive network of EZ Charge points all across the country will provide these customers with easy access to streamline the EV charging process and address the challenges often associated with using the charging infrastructure,” Tata Power said in a filing to the stock exchanges.

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Tata Power already has a widely spread electric vehicle charging infrastructure, as EZ Charge comprises more than 50,000 home chargers, and over 4,370 public as well as semi-public charging points, along with a total of 250 bus-charging points spread across 350 cities including multiple highways.

“Our car-sharing platform is perfectly suited for electric vehicles and we expect to grow 50 % of our platform by 2025. This mutual partnership is poised to create a comprehensive ecosystem that fulfills the evolving needs of EV enthusiasts,” said the CEO and Co-Founder of Zoomcar, Greg Moran.

Shares of Tata Power were trading at Rs 251.55 apiece, up 2.51 percent, on BSE at 1:54 PM.