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Tata Power announces CAPEX of ₹5,000 cr to ensure quality power supply to industries
- The announcement comes after Odisha's Chief Minister Naveen Patnaik appealed to investors to take advantage of the state's conducive business ecosystem.
Tata Power Transmission and Direction (T&D) Services to invest ₹5,000 crore over the next five years to support the Odisha government’s vision of Make in Odisha via reliable and quality power supply to industries. The announcement comes after Odisha's Chief Minister Naveen Patnaik appealed to investors to take advantage of the state's conducive business ecosystem.
In an interaction with PTI, Tata Power’s T&D, President, Sanjay Banga said, "We are fully committed to realise the Odisha government’s vision of Make in Odisha through reliable and quality power supply to industries."
Tata Power Discoms currently serves approximately 9 million customers across the state.
Banga said the company is stepping up its CAPEX investment to ensure uninterrupted power supply to customers including industrial and commercial establishments. Thereby, Tata Power Discoms has committed a CAPEX of about ₹5,000 crore over the next five years.
Through this CAPEX, the company plans to cover the realms of network and infrastructure improvement and augmentation, technical integration, customer services, safety, and others.
While ringing the opening bell at Bombay Stock Exchange, Patnaik said, "for investors looking forward to invest, Odisha is indeed a place to be. Appeal investors to take advantage of conducive business ecosystem, friendly facilitation service & policies."
In his interaction, Banga said, Tata Power Odisha Discoms will soon be in a position to provide new industrial connections in a week to 10 days’ time based on the availability of the network.
Further, he said, the company will support the ease of doing business in the state. He pointed out that the company has made significant strides in various aspects of power distribution to enhance the reliability of the electricity supply.
Tata Power T&D supplies electricity to over 12 million consumers spread across Delhi, Mumbai, Ajmer & Odisha and manages a distribution network of more than 4 Lac ckt KM. The company also manages a transmission network of 3,531 Kms across India.
In another development, Tata Power-backed subsidiary on Thursday received the 'Letter of Award' (LoA) of ₹612 crore for setting up a 100 MW ground-mounted solar project for SJVN Limited (SJVN). The LoA was awarded through tariff-based competitive bidding. The project will get commissioned within 11 months from the date of receiving of LoA.
On BSE, Tata Power shares closed at ₹245.25 apiece up by 1.57%. The company's market valuation is around ₹78,365.70 crore.
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Business NewsCompaniesNewsTata Power announces CAPEX of ₹5,000 cr to ensure quality power supply to industries
First Published:15 Sep 2022, 08:08 PM IST
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