Tata Power Renewable Energy will invest Rs 70,800 crore in Tamil Nadu, this action was seen in the stock market
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Tata Power Renewable Energy: Prime Minister Narendra Modi (Narendra Modi)’s message of emphasizing on the production of renewable energy, almost big industries of the country are moving forward in this sector. In this area, Tata Group’s unit Tata Power Renewable Energy Limited (TPREL) has now planned to make big investments in Tamil Nadu. It is being told that the company has planned to invest Rs 70,800 crore in renewable energy projects in Tamil Nadu. TPREL, a unit of Tata Power, has signed two MoUs with the Government of Tamil Nadu to support the development of the state’s renewable energy landscape and accelerate the country’s clean energy transition.MoU) is signed. The company has given this information to the stock markets. The MOU was signed on Monday. Under the first MoU, TPREL will explore opportunities to develop 10,000 MW of renewable energy projects in sectors such as solar, wind, hybrid (solar and wind power projects at one site) in the next five to seven years.
The project will be in 50 acres of land
The renewable projects will be located on 50,000 acres of land in Tamil Nadu. These will have an investment potential of about Rs 70,000 crore. The company said that this initiative has the potential to create approximately 3,000 green employment opportunities. Tata Power Renewable Energy Ltd’s second MoU is to increase the investment commitment to Rs 3,800 crore to set up a four GW solar cell and solar module plant in two phases at Gangakondan in Tirunelveli district. On July 4, 2022, the company had signed an MoU, in which the investment was estimated at Rs 3,000 crore. Now there is a proposal to increase it to Rs 3,800 crore. Let us tell you that even before this the company has made many big investments in the field of renewable energy.
Tata Power shares rose
After the news of Tata Power Renewable Energy Limited investing in Tamil Nadu, there was a sharp rise in the shares of Tata Power. The company’s shares were trading at Rs 346.75 with a rise of 1.93 percent i.e. Rs 6.55 at 2.21 pm. Whereas, in the last six months, the company’s shares have given a return of 53.89 percent to the investors. At the same time, investors have made a profit of 68.04 percent in one year. In the last 52 weeks the company’s stock has reached a maximum high of Rs 349.70.
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