Tata Power plans to double capex in FY24

Tata Power has mulled to double its capital expenditure to Rs 12,000 crore in the current fiscal, with a focus on renewables, distribution, transmission and solar equipment manufacturing capacity. To meet the growth targets, your company (Tata Power) plans to invest about Rs 12,000 crore, which is double the capex spent in FY23, said while addressing the 104th annual general meeting. This capex, he informed, includes the investment in the upcoming 4 GW manufacturing plant, under-construction renewable projects, transmission and distribution businesses in Odisha, Delhi and Mumbai, and new opportunities. He assured that the 4 GW cell and module manufacturing plant in Tamil Nadu is well on track, and we expect the module line to be ready by October 2023 and the cell line by the end of the year. Tata Power will also focus on the power distribution business in the country and bid for discoms utilities in the country.