Tata Power to invest Rs 70,000 crore in Tamil Nadu; formal announcement on Monday
Tata Power on Sunday said it is looking to invest around Rs 70,000 crore to come up with a 10 gigawatt (GW) solar and wind units in Tamil Nadu over a period of five to seven years, the power major's top executive said while addressing a press briefing at the Tamil Nadu Global Investors Meet (GIM) in Chennai.
A formal announcement is likely to happen on Monday, when a memorandum of understanding will be signed between the state government and Tata Power.
“As part of GIM, we are looking at investing Rs 70,000 crore. This will happen over a period of time of five to seven years.
We are going to set up a 10 GW solar and wind project in Tamil Nadu,” Praveer Sinha, chief executive officer of Tata Power said.
Sinha, however, clarified that this sum includes investments to the tune of Rs 15,000 crore which have already been committed to operational as well as under-construction projects in south and central Tamil Nadu. So, the net new investments are around Rs 55,000 crore.
