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    532898   INE752E01010

POWER GRID CORPORATION OF INDIA LIMITED

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End-of-day quote Bombay Stock Exchange  -  2022-08-16
228.35 INR   -0.17%
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Tata Power to set up Mega Solar Manufacturing Plant in Tamil Nadu, Signs an MoU with State Government for INR 3,000 crore investment

07/05/2022 | 09:47am EDT

Tata Power, one of India's largest integrated power companies, has signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government to invest approx.

INR 3,000 crores for setting up a greenfield 4GW Solar Cell and 4GW Solar Module manufacturing plant in Tirunelveli District of Tamil Nadu. The MoU outlines the commitment made by both parties to stimulate clean energy transition and employment in the state. The investment in the plant will be made over a period of 16 months and will directly or indirectly create over 2000 employment opportunities with majority of them being women employees.

The MoU was signed by Thiru S. Krishnan IAS, Additional Chief Secretary to Government of Tamil Nadu, Industries Department, and Dr. Praveer Sinha, CEO & MD, Tata Power in the presence of Honourable Chief Minister of Tamil Nadu, Thiru M. K. Stalin and other senior officials of the state during the Tamil Nadu Investors' First Port of Call, Investment Conclave 2022.

Tata Power is committed to establishing start-of-the-art manufacturing facilities in the country and is a forerunner in terms of investing in green technologies. The company is one of the first to put a Solar manufacturing facility in the Country in 1991 and since then has regularly upgraded the facility by setting up the Mono-PERC cell line in FY 21 at its existing manufacturing facility in Bengaluru, Karnataka.

Speaking at the MoU signing ceremony, Dr Praveer Sinha, CEO & MD, Tata Power, said 'India has opportunity to spearhead the usage of clean and green energy solutions to meet its energy requirements. Tata Power Solar's new production facility is being set up with the support and assistance of Tamil Nadu Government, will help to meet the rising demand for clean energy solutions in the country apart from providing huge employment opportunities.'

The new plant in Tamil Nadu will integrate Mono-PERC (Passivated Emitter and Rear Cell) Bifacial Technology with future n-Type technology of Tunnel Oxide Passivated Contacts (TOPCON) and will produce High Wattage Modules with industry-leading efficiencies. For the smooth navigation of equipment, the facility will implement Autonomous Mobile Robots (AMR) which use lasers and cameras for transporting parts. Another highlight of the technological advancement in the plant will be the implementation of Industry 4.0 standards - a fully interconnected factory comprising smart manufacturing tools and technologies.

Tata Power Solar's Tamil Nadu facility will be the second manufacturing unit of the company after Bangalore. As one of the largest solar manufacturers in India, the company operates a world-class manufacturing unit in Bangalore, with a production capacity of 635MW of modules and 500 MW of cells.

About Tata Power

Tata Power (NSE: TATAPOWER; BSE:500400) is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed/managed capacity of 13,735 MW. The Company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.

The Company had developed the country's first Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. With 4.9 GW of clean energy generation from solar, wind, hydro, and waste heat recovery accounting for 35% of the overall portfolio, the company is a leader in clean energy generation.

It has successful public-private partnerships in generation, transmission & distribution in India viz: Powerlink's Transmission Ltd. with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi, Maithon Power Ltd. with Damodar Valley Corporation for a 1,050 MW Mega Power Project at Jharkhand.

Tata Power is currently serving more than 12 million consumers via its Discoms, under public-private partnership model viz Tata Power Delhi Distribution Ltd. with the Government of Delhi in North Delhi, TP Northern Odisha Distribution Limited, TP Central Odisha Distribution Limited, TP Western Odisha Distribution Limited, and TP Southern Odisha Distribution Limited with Government of Odisha.

With a focus on sustainable and clean energy development, Tata Power is steering the transformation an integrated solutions providers by looking at new business growth in distributed generation through rooftop solar and microgrids, storage solutions, EV charging infrastructure, ESCO, home automation & smart meters et al.

With its 107 years track record of technology advancements, project execution excellence, world-class safety processes, customer care,and green initiatives, Tata Power is well poised for multi-fold growth and is committed to lighting up lives for generations to come.

Contact:

Tel: (91 22) 6665 8282

Fax: (91 22) 6665 8801

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
POWER GRID CORPORATION OF INDIA LIMITED -0.17% 228.35 End-of-day quote.11.74%
THE TATA POWER COMPANY LIMITED 0.51% 237.2 End-of-day quote.7.38%
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Financials
Sales 2023 427 B 5 379 M 5 379 M
Net income 2023 144 B 1 811 M 1 811 M
Net Debt 2023 1 212 B 15 262 M 15 262 M
P/E ratio 2023 11,3x
Yield 2023 6,40%
Capitalization 1 593 B 20 062 M 20 062 M
EV / Sales 2023 6,57x
EV / Sales 2024 6,17x
Nbr of Employees 8 536
Free-Float 48,7%
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Kandikuppa Sreekant Chairman, Managing Director & Operations Director
Pramod Kumar Executive Director-Finance
P.V. Nath Chief Information Security Officer
Arun K. Mishra Executive Director-Technology Development
Mrinal Shrivsatava Secretary & Compliance Officer
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