Tata 'Power' ing up for a better future
In the past four days Tata Power stock has surged 21%, surpassing its 52-week high.
Tata Power is one of India’s largest integrated power companies. and one of the most progressive green energy brands, with operations across the entire power value chain. For months Tata Power has been working to develop and enhance the electric vehicle charging infrastructure.
Recently, it has collaborated with Rustomjee group, a reputed real estate developer to install EV charging stations for residents of Rustomjee in Mumbai MMR. On April 4, Tata Power Renewables Energy Ltd (TPREL), a wholly-owned subsidiary of Tata Power has commissioned a 300 MW project in Dholera, Gujarat. It is India’s largest single-axis solar tracker system. The project will generate 774 MUs annually. Along with this, it will reduce approximately 704340 MT/year of carbon emission.
Today it was announced that Resurgent Power Ventures Pte Ltd (Resurgent), which is co-sponsored by Tata Power and ICICI Bank and has other global reputed institutional investors has completed the acquisition of NRSS XXXVI and settled the debt of the lender of NRSS XXXVI. The transaction is part of the stressed asset resolution process initiated by PTC India Financial Services Ltd (PFS), lender of NRSS XXXVI through a competitive bidding process. NRSS XXXVI was incorporated as a special purpose vehicle to establish and operate a transmission system for System Strengthening Scheme in Northern Region (NRSS-XXXVI) along with LILO of Sikar-Neemrana 400kV D/C line at Babai on Build-Own-Operate-Maintain (BOOM) basis. Moreover, Tata Power Solar, one of India’s largest integrated solar companies and a wholly-owned subsidiary of Tata Power, commissioned a 160MW AC solar project at Jetstar, Rajasthan.
The Jetstar project is one of the largest solar projects in Rajasthan. With a focus on clean and sustainable development, Tata Power is contributing to remarkable growth in this sector. Today, as the trading day ended the share price was at 288.85, up by 15.25 points witnessing a 5.57% growth.
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