Tata Power Company rose 2.63% to Rs 212.45 after the company signed MoU with Tamil Nadu Government to set up a greenfield 4 gigawatt (GW) solar cell and 4 GW solar module manufacturing plant for an investment of Rs 3,000 crore.
The investment of Rs 3,000 crore in the plant will be made over a period of 16 months and will directly or indirectly create over 2,000 employment opportunities with majority of them being women employees, said the company.The Memorandum of Understanding (MoU) outlines the commitment made by both parties to stimulate clean energy transition and employment in the state.
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.
The manufacturing facility to be built in Tirunelveli, will be the second manufacturing unit of Tata Power after Bangalore plant. The company's manufacturing unit in Bangalore has a production capacity of 635 megawatt of modules and 500 megawatt of cells.
Praveer Sinha, CEO and MD of 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."
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Tata Power Company 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.
On a consolidated basis, Tata Power Company reported 28% rise in net profit to Rs 503.11 crore on 15.4% increase in net sales to Rs 11,959.96 crore in Q4 FY22 over Q4 FY21.
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