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Jio-bp and Mahindra Group sign MoU for EV and low-carbon solutions



Posted On : 2021-12-08 17:33:39( TIMEZONE : IST )

Jio-bp and Mahindra Group sign MoU for EV and low-carbon solutions

Reliance BP Mobility Limited (RBML), operating under the brand name Jio-bp and The Mahindra Group, today announced a non-binding MoU for exploring creation of EV products and services, alongside identifying synergies in low-carbon and conventional fuels. The MoU also covers evaluating charging solutions by Jio-bp for Mahindra vehicles including electric 3 and 4 wheelers, quadricycles and e-SCV (Small Commercial Vehicles - sub 4 ton). This would include captive fleets and last-mile mobility vehicles of Mahindra Group.

The partnership aims to leverage the strengths of both companies in the areas of EV products and services. Mahindra Group and its channel partner locations will be evaluated for setting up of Jio-bp Mobility Stations and EV charging and swapping points apart from utilizing existing Jio-bp stations. Jio-bp recently launched its first Mobility Station in Maharashtra, offering multiple fueling choices, including EV charging infrastructure, while providing a world-class retailing experience. Additionally, business models like Mobility as a Service (MaaS) and Battery as a Service (BaaS) will be explored wherein Jio-bp could provide charging solutions to vehicles made by Mahindra Group.

The EV market in India is still in a nascent stage and through this MoU, various possibilities and orientation of database, operations support systems, software, pilot and commercial-scale business model and types of charging and swapping facilities are proposed to be explored and implemented subject to techno-economic feasibility and necessary approvals.

The partnership aims at accelerating EV adoption in India with high-performance and swappable batteries that will help in dispelling range anxiety. The solutions would afford great convenience to customers who can ideally bring in a depleted battery to their nearest swapping station and within minutes move on with fully charged batteries by paying a nominal fee. Such innovative solutions will broaden the horizon for both the companies and help realize India's net-zero emissions goals faster.

Shares of Mahindra & Mahindra Limited was last trading in BSE at Rs. 840.65 as compared to the previous close of Rs. 825.55. The total number of shares traded during the day was 139145 in over 1342 trades.

The stock hit an intraday high of Rs. 844.00 and intraday low of 826.85. The net turnover during the day was Rs. 115940391.00.

Shares of Reliance Industries Limited was last trading in BSE at Rs. 2417.40 as compared to the previous close of Rs. 2381.60. The total number of shares traded during the day was 655272 in over 16576 trades.

The stock hit an intraday high of Rs. 2431.45 and intraday low of 2407.10. The net turnover during the day was Rs. 1571589405.00.

Source : Equity Bulls

Keywords

MahindraandMahindra INE101A01026 RelianceIndustries INE002A01018 RILBPMobility Jiobp MoU EVProducts