In the exchange filing the Tata Power has informed that the board of Tata Power has approved Rs 5,666 crore investment for setting up a 1,000 MW pumped storage hydro project.
New Delhi: India’s largest multinational conglomerate, the Tata Group has been working diligently and accelerated its growth pace even after the death Ratan Tata. The Tata Group maintains a strong presence across various sectors, including automobiles, energy, FMCG, and more. The group has recently announced a new project.
In the exchange filing the Tata Power has informed that the board of Tata Power has approved Rs 5,666 crore investment for setting up a 1,000 MW pumped storage hydro project. The company aims to set up the project in Bhivpuri (Maharashtra) over 44 months.
The company has also informed that, on the mode of financing, 75 per cent will be debt and 25 per cent will be met through equity financing. The company’s overall existing capacity stands at 15.2 GW. Tata Power has a market cap of Rs 1.37 lakh crore, as of October 30. The company posted a nearly 8 per cent rise in its consolidated net profit to Rs 1,093.08 crore for the September quarter, mainly on the back of higher revenues.
The company reported a net profit of Rs 1,017.41 crore for the quarter ending September 30, according to a BSE filing. Total income increased to Rs 16,210.80 crore for the quarter, up from Rs 16,029.54 crore a year earlier. The company is headed by Praveer Sinha, CEO and Managing Director.