Tata Power, riding on big clean energy plan, aims to double numbers in 3-4 years
Praveer Sinha, the company's Managing Director and CEO told CNBC-TV18 that this year alone, the company has allocated nearly ₹15,000 crore for capex, with almost half earmarked for clean energy projects.
Mumbai-based Tata Power is riding big on clean energy with a plan to double both revenue and profits within the next three to four years.
Tata Power, one of India’s largest integrated power companies with operations across the entire value chain, became the sixth stock from the Tata Group stable to hit a market capitalisation of ₹1 lakh crore on December 7.
Praveer Sinha, the company's Managing Director and CEO told CNBC-TV18 that this year alone, the company has allocated nearly ₹15,000 crore for capex, with almost half earmarked for clean energy projects.
"Looking ahead, our goal is to consistently allocate approximately 45% of our capex to clean energy solutions. This excludes investments in hydro plants, as we are focused on bolstering our clean energy portfolio,” he said.
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Sinha said the investment focus is on providing 24/7 clean energy. While the focus earlier was on standalone solar or wind projects, there is now a rising demand for hybrid solutions. Therefore, all future projects will predominantly involve solar, wind, and storage options, including battery storage and pump storage, alongside demand response and demand side management.
The market cap of Tata Power is ₹1,06,565 crore and it competes with industry rivals such as JSW Energy, and Jaiprakash Power Ventures.
Brokerage firm JM Financial recently upgraded the stock to 'buy' from 'hold', hiking price target on the stock to ₹350 from ₹220.
(Edited by : Shweta Mungre)
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