Ratan Tata’s company, Tata Power Renewable Energy Limited, will invest in Tamil Nadu. The company plans to do Tata Power Renewable Energy Limited in renewable energy projects in Tamil Nadu. TPREL, a unit of Tata Power, has signed two Memorandum of Understanding (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. The company gave this information to the stock markets on Tuesday. 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, and hybrid (solar and wind power projects at one location) in the next five to seven years.
Employment Opportunities Will Increase
These renewable projects will be on 50,000 acres of land in Tamil Nadu. These will have an investment potential of about Rs 70,000 crore. The company said the initiative can potentially create around 3,000 green job opportunities.
The second MoU is to increase the investment commitment to Rs 3,800 crore for setting up a four GW solar cell and solar module plant in two phases at Gangaikondan in Tirunelveli district. On July 4, 2022, the company 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.
This Effect Will Be Visible On Shares
The effect of this company plan has been seen in the shares today. Shares of Tata Power had risen by two per cent intraday today, i.e. on Tuesday, to reach the level of Rs 344.85. Buying the company’s shares from investors may be seen in the coming times. The shares closed today at the level of Rs 340.65. Shares have risen by over three per cent in the last 5 days. Those investing in this stock have more than 51 per cent returns in the previous six months.
