Tata Power lines up Rs 20,000 crore war chest for new projects in 2024-25

Mumbai, July 16 (SocialNews.XYZ) Tata Power on Tuesday announced plans to invest Rs 20,000 crore during 2024-25, a large part of which would go to projects in the renewable energy segment of the company.

Addressing the company’s 105th Annual General Meeting (AGM), Tata Power Chairman Natarajan Chandrasekaran said: “The company plans to invest Rs 20,000 crore capex in FY25. This is over and above the Rs 12,000 crore invested in FY24. A large part of this will be towards accelerating the company’s renewable energy portfolio and balance towards transmission and distribution businesses.

He said that the company will also explore participation in Small Modular Nuclear Reactors, once the government gives necessary permissions apart from new distribution expansion opportunities in other states, as and when these opportunities arise in line with government policies.

Key highlights:

• The company is well-positioned to lead India's green energy shift with a focus on providing round-the-clock renewable energy, especially to commercial and industrial consumers

• Aggressive growth in rooftop solar, aiming for increased market share on the back of PM Surya Ghar Yojana

• Targeting 50 million consumers through distribution business expansion, from the present 12.5 million consumers

• Tata Power’s consolidated revenue grew 10 per cent to Rs 61, 542 crore; PAT increased 12 per cent to Rs 4,280 crore. The company continued its efforts to strengthen its balance sheet and maintained the net debt to equity <1 even after funding its growth plans.

Based on its performance, the Company’s Board of Directors recommended a dividend of Rs 2/- per equity share of Rs 1.

Source: IANS